Elon Musk filed a lawsuit against Twitter on July 29 in Delaware court. The reason was the social network’s lawsuit for the entrepreneur’s refusal to
Musk revealed some details of the case and explained,Why did you decide to stop the deal? The case file states that the reason for the refusal is Twitter's attempt to hide the real number of non-existent "users", fake and spam accounts, as well as the distortion of key business metrics.
When Musk intended to buy the social network, thenrelied on objective and truthful data about both the audience and business affairs. This data was submitted to the US Securities and Exchange Commission - Musk hoped for their accuracy.
According to his lawsuit, in fact, all informationturned out to be far from the truth. This is done to mislead investors. The entrepreneur noted that Twitter is “desperately” trying to prevent him from getting objective information about “fraudulent activities” committed by the management of the social network.
“Firstly, Twitter incorrectly counted the number offalse and spam accounts that were part of a scheme to mislead investors about the company's forecasts while focusing on hundreds of millions of monetizable daily active users (mDAUs). Secondly, while Twitter has been aggressively pushing mDAU data as a "key metric" revenue growth, this indicator is not as closely related to the social network’s income as Twitter wants to convince,” the lawsuit says.