Elon Musk backed out of his deal to buy Twitter, and the company filed a lawsuit against him as a result. In response, Elon filed a countersuit against the social media company. Musk has recently accused Twitter of deliberately miscounting the number of spam accounts on its platform as part of a “scheme” to mislead investors.

The Guardian reports that, according to the suit, Musk repeats a claim that Twitter miscounts the number of false and spam users on its platform as part of a “scheme to mislead investors about the company’s prospects.” On Friday, the suit was unsealed. Valid user numbers are a key metric for Twitter, which makes 90% of its revenue from advertising.

According to the lawsuit, Twitter’s filings to the US financial watchdog are inaccurate and have distorted the value of a firm that Musk has agreed to buy for $54.20 a share. It says filings to the Securities and Exchange Commission (SEC) contain “numerous, material misrepresentations or omissions that distort Twitter’s value and caused the Musk Parties to agree to acquire the company at an inflated price”.

Twitter’s suit demands Musk buy the company, it adds: “Twitter’s Complaint, filled with personal attacks against Musk and gaudy rhetoric more directed at a media audience than this Court, is nothing more than an attempt to distract from these misrepresentations.” Twitter has consistently stated that spam accounts represent for less than 5% of its user base, which is now just under 238 million.

Musk says that Twitter has overstated the amount of monetisable daily active users, or people who view ads, on the platform. According to the lawsuit, the number of people who view advertisements is 65 million lower. Spam accounts are automated, which means they are not controlled by a human hand, and are aimed to influence users or disrupt their platform interactions.

Twitter’s lawsuit to force Musk to buy the company is set to begin on October 17 in Delaware. To get the latest updates, keep an eye on Thirsty.

What’s your opinion on this one? let us know in the comments!

Tags: Elon Musk
Shivangini Rawat

Shivangini is presently pursuing her LLB degree. She has a lot of dreams for the future, and she's working hard to achieve them. Thirstyfornews was one such chance that enabled her to take a step forward. Apart from her ambitions and academics, Shivangini enjoys cooking and baking. She is also a great music fan. Her favorite bands are Alcest, Thy Light, Scorpions, AC/DC, Motorhead. She also loves playing a variety of instruments. Movies, TV shows, and anime are always on her to-do list, especially on weekends.

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