Binance sued by Twitter over Elon Musk

Blue Bird Versus Shiba Dog – The takeover of Twitter by Elon Musk goes down the drain, and many of his partners got wet in this affair. 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 with his business. Today, Twitter and its shareholders are furious not to see their shares repurchased at such a good price, and Continue including the exchange platform.

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

When Elon Musk a fact a $44 billion offeron April 14, 2022, to buy back all of the TWTR shares of Twitterthe latter’s board of directors first showed up 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 – showed 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 assignments to compare” 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 Griffinhedge fund CEO Citadelalso 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, quotes to compare. The banks Goldman Sachs and JP Morgan will thus be asked 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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