This week, the main features of Ilon Mask's counter-suit to Twitter management, which he valued in April at $44 billion, were known, but by July he had refused to buy the assets of this social network. Twitter claimed to have provided him with inaccurate information about the structure of his audience, and this is in itself a sufficient reason to refuse a transaction.
The representatives of Ilon Mask claim that the actual number of daily monetized Twitter users is 65 million less than the 238 million people mentioned in the social media records prepared for the billionaire deal. Mask believes that the number of advertising users on Twitter pages does not exceed 16 million, and this is also much less than the company's stated target.
As of early June, at least one third of all active Twitter accounts were questionable, using spam to distribute spam and not associated with real users. The Twitter side insists that all the data provided to Maska are reliable and that he is trying to manipulate them to avoid a transaction that no longer serves him. Among other reasons for this behaviour, Twitter representatives mention a decrease in the value of other assets belonging to a billionaire, such as the same stocks Tesla, the proceeds of which should have partly covered the cost of purchasing social media assets.
The most interesting thing is that in the text of Ilon Mask's lawsuit, the billionaire thanks Twitter for the opportunity to speak openly and calls himself a strong supporter of the principle of freedom of speech and an active user of the platform. Let's recall, the court hearing on this deal is scheduled to take place on 17 October and be completed within five working days. As long as the parties are trying to gather evidence to defend their position in court, the case can be addressed by representatives of the investment companies and banks with which Mask has been writing and negotiating the funds necessary to pay for Twitter's assets.