Musk countersued Twitter last week, accusing the company of fraud over his aborted $44 billion acquisition
. He claimed that Twitter held back critical information and misled his team about the size of its user base.Article content
Musk alleges that Twitter committed fraud, breach of contract and violation of a securities law in Texas, where Musk lives. Musk offered to buy Twitter earlier this year, then tried to back out of the deal claiming the social platform was infested with a larger numbers of “spam bots” and fake accounts than Twitter had disclosed.tap here to see other videos from our teamMusk said in the spring that he planned no major sales of his stake in Tesla after lining up financing to acquire Twitter, but Dan Ives, an industry analysts with Wedbush, said Wednesday that “the situation has dramatically changed.
Wedbush raised it’s target price for shares of Twitter, “With the chances of a Twitter deal now more likely in our opinion and the Street seeing through this poker move by Musk,” Ives wrote to clients. “We can also see Musk trying to resolve this powder keg situation before the Twitter deal officially heads to court in October,” Ives wrote. “At a minimum, we see Twitter getting a massive settlement from Musk in the $5 billion to $10 billion range that is starting to be factored into the stock.”
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