Elon Musk alleges fraud in countersuit. Twitter says he was not 'hoodwinked' into merger.

Attorneys for Elon Musk are claiming in a recent filing that Twitter misrepresented information about the company and its "key metrics," and distorted its

Attorneys for Elon Musk are claiming in a recent filing that Twitter misrepresented information about the company and its "key metrics," and distorted its value in an attempt to cause the billionaire to agree to buy the social media platform at an inflated price. 

The allegations were detailed in a countersuit made public Thursday. The filing alleges fraud and claims Twitter made statements in its Securities and Exchange Commission disclosures that were “far from true” and “contain numerous, material misrepresentations or omissions that distort Twitter’s value."

Twitter in its response said its SEC disclosures are accurate and that the company "misrepresented nothing."

The claim that Musk was “hoodwinked” into signing the merger is “as implausible and contrary to fact as it sounds,” Twitter said, and alleged that Musk is making excuses to escape the agreement.  

Twitter sued Musk last month after Musk sought to back out of a deal to purchase the company for $54.20 per share, or $44 billion, and take it private. Since Musk first made his bid for Twitter in April, the social media platform’s share price has fallen to $41, leading some, including Twitter itself, to speculate that Musk is simply seeking a lower price for the company.

https://www.nbcnews.com/business/business-news/elon-musk-claims-fraud-countersuit-twitter-says-was-not-hoodwinked-mer-rcna41562


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