August 9, 2022: -Centi-billionaire Elon Musk started Twitter and contested the company’s CEO, Parag Agrawal, to a “public debate” about fake accounts and spam amid a contentious lawful battle concerning the $44 billion acquisition.
Musk filed a bid with the Securities and Exchange to acquire Twitter in April this year. After the parties agreed to push ahead with a take-private deal, Musk said that he completed his acquisition and accused Twitter of presenting false numbers in its SEC filings about the amount of monetizable daily active users and spam and bot accounts on the social network.
Twitter is suing Musk in a Delaware chancery court, ensuring the deal would go through as promised, and Musk pointed out counterclaims and a countersuit there on July 29.
In a series of tweets that Musk started publishing just before 1 a.m. on Saturday, August 6, Musk interacted with a fan who had summarized his accusations about Twitter, which include that it was stonewalling him that providing him “ancient data” and “a fake data set” when he asked the company for details regarding the way it tabulates mDAU and estimates for spam and bot accounts.
The Tesla and SpaceX CEO wrote, “Good summary of the problem. If Twitter provides their method, which samples 100 accounts, and how they’re guaranteed to be accurate, the deal should proceed on original terms. Although, if it turns out that their SEC filings are materially false, then it should not.” Twitter’s attorneys argue in the court filings that
Musk conveyed the company just twenty-four hours to accept his offer before presenting it directly to Twitter shareholders and waived diligence, including a chance to seek information on false or spam accounts.
They stated in court filings, “Musk’s also said that mischaracterizations of the merger agreement cannot alter its plain words.”
At a shareholder meeting for Tesla on August 4, Musk was asked to speak about Twitter in a question-and-answer session that followed a proxy vote.
At the Tesla 2022 shareholders’ conference, Musk said, “I think in the case of Twitter after I use it a lot, shoot myself in the foot a lot, you know, dig my grave, etc. I understand the product quite well, so I think I’ve got a good sense of where to point the engineer’s group at Twitter to improve it radically.”