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Elon Musk just accused Twitter of FRAUD

Elon Musk just accused Twitter of FRAUD

Elon Musk is now accusing Twitter of fraud for hiding the real number of bots on their platform, as the Tesla chief claimed in a legal filing that 10% of the social network’s daily active users who see ads are inauthentic accounts and Twitter Always said that the percentage of bots make up to less than 5% of their user base. Elon Musk put his planned acquisition of the social network on hold until mid-July to confirm that it is accurate.

Elon Musk, who also is a very active Twitter user, launched an aggressive takeover of the social media network in April after he became the largest stakeholder in the company. After that, Twitter quickly accepted his offer, but they butted heads over the number of fake accounts on the platform shortly after that. Twitter then sued its largest shareholder for backing out of the $44 billion buyout deal, saying the court that Elon Musk is wrongfully breaking the agreement by doing so because Tesla’s and Twitter’s shares went down because of the economic downturn and the deal he signed “no longer serves as personal interests”.

In a new filing, Elon Musk’s team said that their analysts found a much higher number of inauthentic accounts than Twitter claimed using Botometer. It’s a machine learning algorithm designed by Indiana University that checks the activity of Twitter accounts, giving them a score based on how likely they are to be bots. According to Elon Musk’s team, “Twitter was miscounting the number of false and spam accounts on its platform, as part of its scheme to mislead investors about the company’s prospects. Twitter’s disclosures have slowly unraveled, with Twitter frantically closing the gates on information in a desperate bid to prevent the Musk parties from uncovering its fraud.”

Twitter did fire back with its legal filings, saying that Elon Musk’s claims are factually inaccurate, legally insufficient, and commercially irrelevant. The company said that this tool is unreliable and had once given Elon Musk’s own Twitter account a score, saying that it was highly likely to be a bot. Twitter’s lawsuit against Elon Musk is heading to court in October.

Elon Musk just accused Twitter of FRAUD

Elon Musk just accused Twitter of FRAUD

Elon Musk is now accusing Twitter of fraud for hiding the real number of bots on their platform, as the Tesla chief claimed in a legal filing that 10% of the social network’s daily active users who see ads are inauthentic accounts and Twitter Always said that the percentage of bots make up to less than 5% of their user base. Elon Musk put his planned acquisition of the social network on hold until mid-July to confirm that it is accurate.

Elon Musk, who also is a very active Twitter user, launched an aggressive takeover of the social media network in April after he became the largest stakeholder in the company. After that, Twitter quickly accepted his offer, but they butted heads over the number of fake accounts on the platform shortly after that. Twitter then sued its largest shareholder for backing out of the $44 billion buyout deal, saying the court that Elon Musk is wrongfully breaking the agreement by doing so because Tesla’s and Twitter’s shares went down because of the economic downturn and the deal he signed “no longer serves as personal interests”.

In a new filing, Elon Musk’s team said that their analysts found a much higher number of inauthentic accounts than Twitter claimed using Botometer. It’s a machine learning algorithm designed by Indiana University that checks the activity of Twitter accounts, giving them a score based on how likely they are to be bots. According to Elon Musk’s team, “Twitter was miscounting the number of false and spam accounts on its platform, as part of its scheme to mislead investors about the company’s prospects. Twitter’s disclosures have slowly unraveled, with Twitter frantically closing the gates on information in a desperate bid to prevent the Musk parties from uncovering its fraud.”

Twitter did fire back with its legal filings, saying that Elon Musk’s claims are factually inaccurate, legally insufficient, and commercially irrelevant. The company said that this tool is unreliable and had once given Elon Musk’s own Twitter account a score, saying that it was highly likely to be a bot. Twitter’s lawsuit against Elon Musk is heading to court in October.