![]() ![]() On his podcast, Sacks said earlier he had no involvement in the transaction and called the subpoenas “fishing expeditions.” Sacks has been personally subpoenaed as part of the M&A fight, but hasn’t yet challenged those data demands in court. Twitter officials counter they’ve turned over a robust amount of data about the bot accounts and have said in securities filings they make up about 5% of customers. He’s citing the bots as his main justification for walking away from the deal. The billionaire contends more than a third may be non-human accounts that don’t generate any revenue. CNN Sans ™ & © 2016 Cable News Network.Musk contends Twitter officials have publicly issued misleading numbers on how many spam and robot accounts are included among its more than 230 million customers. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account The five-day trial between Twitter and Musk is scheduled to kick off in October.ĬNN’s Clare Duffy and Jennifer Korn contributed to this report. I trust his mission to extend the light of consciousness.”Ĭourt filings on Monday indicate that Dorsey accepted the service of the subpoena. “Solving for the problem of it being a company however, Elon is the singular solution I trust. “In principle, I don’t believe anyone should own or run Twitter,” Dorsey tweeted in April. The list includes several prominent investment firms and venture capitalists, some of whom are part of the so-called PayPal mafia, a group of influential figures in the tech industry who worked at the payment company cofounded by Musk.ĭorsey and Musk have a long billionaire bromance of sorts, and Dorsey initially signaled that he was supportive of Musk taking over the company he cofounded. Twitter previously subpoenaed a number of Musk’s associates, according to court filings and public statements. The subpoena of Dorsey, one of several issued by Musk’s team and made public in court filings on Monday, is the latest indication that the legal battle between the two parties is heating up. He also alleged that the measure is not actually as good an indicator of future performance as Twitter’s public filings imply. Twitter has accused Musk of using the bots as an excuse to get out of the deal after market conditions changed.Īs part of the subpoena, Musk’s legal team is also seeking documents and communications related to Twitter’s use of monetizable daily active users (mDAU) “as a ‘Key Metric,’ as noted in Twitter’s SEC filings.” In a prior response to Twitter’s lawsuit, Musk criticized the company’s use of the metric, claiming that his evaluations show only a small portion of the users Twitter considers mDAU actually generate significant revenue for the company by viewing and engaging with advertisements. Musk is attempting to back out of the proposed $44 billion merger agreement after accusing the company of misrepresenting the number of bot and spam accounts on the platform. Twitter warns employees that their bonuses could be halved this year Twitter headquarters in San Francisco, California, U.S., on Thursday, April 21, 2022. ![]()
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