Twitter Inc (NYSE: TWTR) has reportedly subpoenaed cryptocurrency exchange Binance for its role as a potential lender to Elon Musk’s $44 billion takeover bid.
What you should know
Binance was among dozens of firms that received subpoenas from Twitter’s lawyers on Tuesday, according to information from Yahoo Finance.
Lawyers for the social media company are reportedly trying to determine what happened in Musk’s private negotiations leading up to the deal. As such, these new filings have been directed at advisers and funders to the CEO of Tesla Inc (NASDAQ:TSLA).
Last May, Binance announced that he would commit $500 million to invest in Twitter alongside Musk to help him “create a new look” for the microblogging platform.
Binance, the world’s largest cryptocurrency exchange with a daily trading volume of $13 billion, allows trading in Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE), among other digital assets.
Subpoenas to Binance and the rest of Musk’s backers have demanded that the companies turn over any documentation and communication that supports or refutes the Tesla CEO’s claims that Twitter underestimates the number of fake or spam accounts.
Separate subpoenas directed at Binance and other backers asked the companies to turn over any documents related to Musk’s May 15 and 17 tweets, in which he said Twitter misrepresents the number of spam accounts as a percentage of users. daily assets.
The movement of prices
Shares of Twitter were trading 0.29% lower in after-hours on Wednesday, according to data from Benzinga Pro.