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Binance received a subpoena over Elon Musk's refusal to buy Twitter

Binance received a subpoena over Elon Musk's refusal to buy Twitter

Twitter has subpoenaed a division of the cryptocurrency exchange Binance over the allocated funding for its takeover of the social network by Elon Musk.

According to Bloomberg, the trading platform provided the businessman with $500 million for a deal in May. As per court documents, Twitter's lawyers want to know the investment terms and the billionaire's efforts to syndicate the funds.

Musk's potential creditors, including Factorial Funds, Benefit Street, Bandera Partners, a number of Silicon Valley investors and financial advisers from Credit Suisse, Morgan Stanley, etc., also received subpoenas.

Twitter is requesting information about private negotiations with Musk regarding the sale of the social network, as well as documentary evidence of the billionaire's assumptions about underestimating the number of the platform's actual users.

Recall that in April 2022, Elon Musk bought 9.2% of Twitter, and later offered to buy the company at a price of $54.2 per share. The management of the social network agreed to the terms. However, in May, Musk halted the purchase process after reports of inflated audience figures for the social network. After that, Twitter shareholders sued over the "chaotic process" of the company's takeover, accusing the head of Tesla of manipulating the market.

In July, Musk announced the termination of the agreement to acquire the social network. In the same month, Twitter filed a lawsuit against the head of Tesla due to his withdrawal from the deal. The platform intends to force the entrepreneur to fulfill his obligations and complete the purchase.

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