if you're going to scam the richest man
in the world think twice because he
would not let you off the hook so easily
the genius billionaire elon musk has
just sued twitter and has made some
serious allegations against the
microblogging platform why is elon musk
assuming a social media platform he once
bought and who is supporting musk in the
lawsuit join us today in this video as
we explore why elon musk has just sued
twitter in his current complaint musk
makes several charges against twitter
even before he announced his offer for a
100 investment in twitter the tech titan
was a vocal critic of the firm in
reality he was taking the corporation
private in order to properly restructure
it according to musk if twitter is
public the necessary adjustments cannot
be implemented unfortunately because he
canceled the twitter transaction the
tesla ceo will no longer be able to take
the social media platform private
however his battle with twitter does not
end here the multi-billionaire has
launched a lawsuit against the social
media site but why has he done so the
twitter takeover has swiftly devolved
into a legal battle before we get into
elon's lawsuit against twitter let's
take a look at some of the other
lawsuits the tesla ceo has faced in the
past the sec complaint accusing elon
musk of fraud for making certain
deceptive statements in a tweet that
states
am considering taking tesla private at
420
funding secured is at the top of the
list those few words were enough to land
elon musk in the most significant legal
struggle of his life according to the
u.s securities and exchange commission
musk did not have the funds to take
tesla private as promised in the tweet
musk lost the lawsuit and was forced to
endure the terrible repercussions to
begin with he was required to resign as
tesla's chairman and he was not to serve
in that company for three years after
the situation was resolved both musk and
his tesla company were forced to pay 20
million dollars to compensate any
shareholders who were affected by the
message and musk was to make a tweet
regarding the company only after the
company attorneys had reviewed it there
is little doubt that elon has learned a
lot from being sued and he is utilizing
that knowledge to sue twitter on twitter
the legal dispute is divided into two
parts on the one hand a shareholder is
suing musk and on the other side musk is
suing the firm the shareholder who is
suing musk accuses him of failing to
disclose his intentions to purchase
twitter in a timely manner as predicted
the regulation compels anybody seeking
to purchase more than a five 5
shareholding in a firm to notify the
shareholders 10 days before the
transaction so in elon's case he should
have informed twitter shareholders of
his plan to purchase a stake in the firm
by march 25th as he did on april 4th the
shareholders allege that they missed the
advantages they would have gained
between the time that musk declared an
interest in purchasing a stake in the
firm two of the time musk actually
purchased shares in the company he also
claims that musk may have gained more
than 126 million dollars during the
10-day wait elon's original investment
of 2.9 billion dollars climbed to 3.6
billion dollars in a couple of days when
musk purchased twitter shares at a 27
gain the tech mogul has so much power
that a single tweet from him can cause
cryptocurrency values to change now
let's get back to why elon musk is
actually suing twitter to begin with
musk is suing twitter for dishonesty the
tesla owner believes the twitter board
deceived him when he purchased the firm
elon planned to pay 44 billion dollars
for twitter according to paperwork filed
with the united states securities and
exchange commission under the condition
that the number of spam accounts on the
social media network were less than five
percent however the tesla owner has
learned that the number of bogus
accounts may be more than five percent
this has forced him early on to cancel
the twitter deal before suing the social
media platform as seen in a tweet that
reads twitter deal temporarily on hold
pending details supporting calculation
of spam and fake accounts do indeed
represent less than five percent of
users
you can rest assured that twitter will
be heavily fined if the sec establishes
that the number of fake accounts is more
than 5 percent the issue with twitter is
not limited to the numerous bogus
accounts on the platform but also to the
biased algorithms that it employs
elon musk's attorneys have also accused
twitter of using biased algorithms
they allege that the algorithms favor
the left-wing content on the site at the
expense of their right-wing content
perhaps this explains why most leftists
are big admirers of the social media
networking site in fact president obama
a strong democrat has the most followers
on the site while trump a republican has
been barred from using it the tesla ceo
has ordered that the twitter algorithms
be given open source so that it
professionals may determine their level
of bias
if twitter's algorithms are shown to be
prejudiced the company risks being
banned entirely as a worldwide social
media network it must provide fair
treatment to all of its users as
previously stated it is commonly assumed
that the algorithms favor democratic
party candidates in the united states
if the charges of political favoritism
are shown to be accurate twitter will
meet the same fate as facebook which was
accused of intervening in the 2016 u.s
election it is alleged that zuckerberg's
facebook colluded with cambridge
analytica a british political consulting
firm in stealing the american
presidential elections
after some court battles facebook agreed
to pay 643 thousand dollars to the uk's
information commissioner's office for
its role in camera analytica scandal
there is no doubt that the sec will
equally find twitter for using bias
algorithms on their site the twitter
board and management will be held
responsible not only for the biased
algorithms but also for failing their
fiduciary role the tesla ceo will be
suing the twitter board for failing in
their fiduciary role in the twitter case
the board is expected to act in the best
interest of the shareholders musk's team
of lawyers has demonstrated that most of
the decisions that are made by the
twitter board are not in the best
interest of the shareholders and
therefore the board members need to be
held accountable elon's legal team will
also be suing the twitter board for the
illegal salaries they get from twitter
the tech billionaire had earlier
promised to stop these remunerations via
a tweet that reads
board salary will be zero dollars if my
bid succeeds so that three million
dollars will be saved right there the
cancellation of the twitter board
salaries will not be something new for
the multi-talented ceo all board members
and all of his other companies such as
spacex tesla neuralink and the boring
company do not get salaries by the way
musk does not earn a salary as the ceo
instead he is paid in the form of shares
and bonuses in other words the tech
billionaire will only earn if his
company is doing well this motivates him
to work extra hard and ensure that all
his companies are making profits but the
case is rather different in most of the
tech companies such as the twitter board
members in this company will always
protect their salaries
even if the firm is not doing well this
makes it easier for them to sleep on the
job just as they have done by allowing
twitter to fail in the role of promoting
free speech and democracy musk will be
suing twitter as it has turned out to be
a petri dish of abuses and threats the
tesla ceo has personally received death
threats on the microblogging site musk
can't understand how people are
receiving death threats on a platform
that promotes free speech following
musk's lawsuit on the fact that twitter
had failed to offer any proof of the
validity of its users twitter ceo parag
agrawal took to the site to defend his
share of the arrangement in response to
elon musk's concerns about spam and bots
on the network he believes musk's idea
to quantify the problem by randomly
picking a hundred users is futile our
real internal estimates for the last
four quarters were always well below 5
agrawal said on twitter his reaction
comes after musk canceled his 44 billion
proposal to buy twitter nonetheless
despite the human verification process
that all accounts go through perak was
serious when he said that his team may
not be perfect at detecting all spam
accounts
some of the ceo's comments made it clear
that the issue of spam accounts on
twitter is real although the ceo did a
decent job explaining his platform musk
was not impressed musk replied with a
pile of poo emoji and asked so how do
advertisers know what they're getting
for their money this is fundamental to
the financial health of twitter musk
told a conference in miami you can't pay
the same price for something that is
much worse than they claimed the more
questions i ask the more my concerns
grow one might say that musk is creating
a bigger issue out of this than it
actually is but the billionaire is
justified in using his rights to sue
twitter anyways guys if you want to see
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