Elon Musk said Twitter Inc. misrepresented the size of its user base to distort its value and then “played a months-long game of hide-and-seek” as he sought more information to complete the $44 billion purchase of the company.
Musk’s arguments for abandoning the deal were revealed in counterclaims filed under seal in a Delaware court last week.
In a 127-page reply, the company said Musk created a story “to escape a merger agreement that Musk no longer found attractive once the stock market — and along with it, his massive personal wealth — declined in value.” In his counterclaim, Musk is described as “an avid Twitter user who believes in free speech and open debate, and he appreciates Twitter’s role as the world’s town hall.” But fake and spam accounts were a “key issue” for Twitter and the company wasn’t doing enough to identify them.
According to Musk, Twitter also misrepresents how many of those users view advertising, the company’s main source of revenue. By his estimate, fewer than 16 million users see the majority of ads and should be counted as “monetizable.”
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