Twitter Inc TWTR has reportedly subpoenaed cryptocurrency exchange Binance over its role as a would-be lender to Elon Musk’s $44 billion takeover bid.
What Happened: Binance was among the dozens of firms that received subpoenas from Twitter’s lawyers on Tuesday, according to a report from Yahoo Finance.
The social media firm’s lawyers 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 the Tesla Inc TSLA CEO’s advisers and financial backers.
In May, Binance announced it would commit $500 million to invest in Twitter alongside Musk to help him “realize a new vision” for the microblogging site.
Binance, the world’s largest cryptocurrency exchange with a daily trading volume of $13 billion, facilitates the trading of Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD, among other digital assets.
The subpoenas to Binance and Musk’s other backers have demanded that the firms hand over any documentation and communication that support or refute the Tesla CEO’s claims that Twitter underreports the number of fake or spam accounts.
Separate subpoenas to Binance and others have requested the companies to turn in any documents regarding Musk’s tweets on May 15 and May 17, in which he said Twitter inaccurately represents the number of spam accounts as a percentage of daily active users.
Price Action: Twitter shares were trading 0.29% lower after-hours on Wednesday, as per data from Benzinga Pro.
Image and article originally from www.benzinga.com. Read the original article here.