Twitter Subpoenas Binance and a Dozen More Firms Over $44B Musk Deal

Yahoo Finance2022-08-04

Bankers and advisers that backed Tesla (TSLA) CEO Elon Musk’s $44 billion bid for Twitter (TWTR) have been hit with a flood of new subpoenas from the social media site's lawyers. Those lawyers want to...

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Comments

hphoa
2022-08-04
hphoa
Ok
Mich77
2022-08-04
Mich77
read
TaiWoeiHaur
2022-08-04
TaiWoeiHaur
G
snowpine2005
2022-08-04
snowpine2005
Ok
TaiJin
2022-08-04
TaiJin
[Miser]
Sorrie2u
2022-08-04
Sorrie2u
Ok

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Tesla (TSLA) and SpaceX were also served with similar demands.Notably, the subpoenas demand that Musk’s advisers and backers hand over documents and communications that either support or refute Musk’s suggestion that Twitter has under-reported the number of fake or “spam” accounts on the social media site.Musk contends he's backing out of the deal because Twitter isn't providing him with data regarding the number of fake accounts, known as bots, that operate on its platform — and in some cases, spread disinformation. According to Musk, Twitter’s public representations about bot prevalence are misleading, and in excess of its estimated less than 5% of mDAUs, or monetizable daily active users.Twitter, on the other hand, says it has long represented that its estimate could be wrong, and that Musk’s bot issue is a pretext for backing out of the agreement. Twitter adds that Musk also deliberately tried to tank the deal with a series of disparaging tweets.In separate subpoenas directed to Binance and others, Twitter asks the companies to turn over any documents and communications related to Musk’s May 15 Tweet alleging “some chance” that Twitter’s percentage of bots and/or false or spam accounts “might be over 90% of daily active users.”The request goes on to demand any documents concerning another Musk Tweet on May 17 that reads “20% fake/spam accounts, while 4 times what Twitter claims, could be much higher.”The subpoenas further seek from the companies “drafts or iterations of any plans” relating to Twitter’s false or spam accounts, along with any media communications concerning spam accounts, and documents addressing Twitter’s SEC disclosures about spam.While Twitter’s lawyers maintain that, under the merger agreement, the company didn't have to hand over the bot data he requested, his lawyers wrote in a July 8 letter to terminate the deal that Musk needed the fake account information for his financing.The bot information, Musk’s lawyers wrote, is needed to “facilitate Musk’s financing and financial planning for the transaction, and to engage in transition planning for the business…”For Musk’s part, his lawyers also issued subpoenas seeking information related to Twitter’s end of the transaction. His lawyers issued subpoenas to Goldman Sachs and JPMorgan, as well as boutique investment bank Allen & Co.Twitter’s subpoena requests on Monday sought documents and communications from Musk’s associates and investors, including Silicon Valley investors Chamath Palihapitiya, David Sacks, Joe Lonsdale, Steve Jurvetson, Marc Andreessen, Jason Calacanis, Keith Rabois; and from financial advisors Credit Suisse and Morgan Stanley.A Delaware Chancery Court judge granted Twitter a five-day trial in the case, which is slated to begin Oct. 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