Musk doubles down in court on Twitter bot claims as investors allege millions lost
AP News • • business
Key Points:
- Elon Musk defended his actions in court regarding his 2022 purchase of Twitter, facing a class-action lawsuit accusing him of misleading investors and causing financial losses.
- The lawsuit alleges Musk violated federal securities laws by attempting to lower Twitter's stock price through claims about the prevalence of bots on the platform to renegotiate or cancel the $44 billion deal.
- Musk asserted that Twitter's bot and fake account numbers were significantly higher than the 5% disclosed, claiming the actual figure was at least 20%, a point he described as obvious.
- Twitter’s former CEO, Ned Segal, testified that the company did not file false SEC reports about spam accounts and estimated the spam account rate to be closer to 1%, contradicting Musk
