Binance representatives were summoned to court in the case of Twitter social media against Elon Musk

The lawyers said that they want to get more information about what part the platform took in the deal to buy Twitter that never happened

04.08.2022 - 12:40

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What’s new? Twitter’s lawyers have subpoenaed representatives of cryptocurrency exchange Binance to testify in the case of Tesla CEO Elon Musk’s failed purchase of the social media. The lawyers stated their intention to get more information about the terms under which Binance was involved in financing this deal, Bloomberg reports. Ken Griffin, billionaire and founder of hedge fund Citadel, also received a subpoena.

Information on Bloomberg’s website

How did events develop? In early May, Musk raised $7,1 billion to buy Twitter. Binance also participated and allocated $500 million, but the $44 billion deal never took place. According to Musk, he decided to back out because Twitter did not provide him with information about the number of spam and bots on the platform.

Representatives of the social media argue that Musk’s complaints about bots were just a pretext for the rejection. They sued to force the entrepreneur to complete the deal. The first hearing is set for October 17.

Even before Musk voiced his intentions to buy the social media, he bought a 9,2% stake in Twitter worth $2,89 billion.

In July, US citizen Keith Johnson sued Elon Musk, as well as his companies Tesla and SpaceX, claiming that they manipulated the rate of the meme cryptocurrency Dogecoin. The prosecutor seeks $86 billion in damages from Musk and $172 billion in moral damages. Johnson also asked for a complete ban on the promotion of DOGE by the billionaire.

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