Binance sued by Twitter over Elon Musk

Blue Bird Versus Shiba Dog – The takeover of Twitter by Elon Musk falls into the water, and many of its partners find themselves wet in this business. This is the case of the crypto-stock market Binance who had posed $500 million on the table to help the CEO of Tesla and SpaceX in his business. Today, Twitter and its shareholders are furious not to see their shares repurchased at such a good price, and pursue including the exchange platform.

Twitter wants to be redeemed, even if it means forcing Elon Musk!

When Elon Musk made a $44 billion offeron April 14, 2022, to buy back all of the TWTR shares of Twitterthe board of directors of the latter first showed itself hostile at first (paradoxically).

But, since the acquisition seems to be falling apart, because of the opacity on the real proportion of fake accounts and other bots on the social network, Twitter – and especially its shareholders – show their dissatisfaction. They would have liked to be able to sell their TWTR shares with a big gain compared to their actual listing on the stock exchange.

As reported in particular by Yahoo Finance, Twitter would have filed “a dozen subpoenas” in a legal action to force Elon Musk to carry out this acquisition.

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Binance in the dock alongside Musk

Among these subpoenas would be the Changpeng Zhao crypto exchange, Binance. Indeed, the exchange platform had wanted support the takeover of Twitter by Elon Musk, bringing half a billion dollars out of the 44 billion needed.

Other companies would also be affected, such as Factorial Funds, Benefit Street, Bandera Partners and Founders Fund Growth II Management, among others. Ken Griffinthe CEO of the hedge fund Citadelwould also be part of this avalanche of subpoenas.

The center of the discord always concerns the bot percentage compared to actual Twitter user accounts. If Twitter only announces 5% fake accounts (which actually seems little), Elon Musk, he does not go out of his way by sometimes getting carried away to talk about 90% bots. A little more measured, the low estimate (and reasonable) of the boss of Tesla would be around the 20% bogus accounts on the network at the blue bird. Either all the same already 4 times more than Twitter’s estimate.

For their part, Elon Musk’s lawyers are sending, them too, subpoenas. The banks Goldman Sachs and JPMorgan would thus be summoned to give details of their financial advice shared with Twitter in the context of this market. All this is in any case very unfortunate for Dogecoin (DOGE) referred to as a possible solution to bot accounts on Twitter.

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