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Twitter lawsuit accuses Elon Musk of contract breach

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A lawsuit filed against Elon Musk by Twitter accuses him of hypocrisy and seeks to hold him to the terms of his $44 billion deal to buy the San Francisco based tech firm.

A lawsuit filed against Elon Musk by Twitter accuses him of hypocrisy and seeks to hold him to the terms of his $44 billion deal to buy the San Francisco based tech firm. – Copyright AFP ROMEO GACAD

Twitter on Tuesday sued Elon Musk for breaching the $44 billion contract he signed to buy the tech firm, calling his exit strategy “a model of hypocrisy,” court documents showed.

The suit filed in the US state of Delaware urges the court to order the billionaire to complete his deal to buy Twitter, arguing that no financial damages could repair the damage he has caused.

“Musk’s conduct simply confirms that he wants to escape the binding contract he freely signed, and to damage Twitter in the process,” the lawsuit contended.

“Twitter has suffered and will continue to suffer irreparable harm as a result of defendants’ breaches.”

Twitter shares edged up slightly in after-market trading when the news broke.

Analysts say Musk’s attempted exit from the buyout places the company in a vulnerable state at a challenging moment.

After weeks of threats, Musk late last week pulled the plug on the deal, accusing Twitter of “misleading” statements about the number of fake accounts, according to a letter from his lawyers included in a US securities filing.

In his first public remarks since the announcement, Musk took to Twitter over the weekend to troll the company after it said it would sue to enforce the deal.

“They said I couldn’t buy Twitter. Then they wouldn’t disclose bot info. Now they want to force me to buy Twitter in court. Now they have to disclose bot info in court,” he wrote in a tweet, with pictures of Musk laughing with glee.

The termination of the takeover agreement that Musk inked in April sets the stage for a potentially lengthy court battle with Twitter, which initially had opposed a transaction with the unpredictable billionaire entrepreneur.

Twitter has defended its fake account oversight and has vowed to force Musk to complete the deal, which contained a $1 billion breakup fee.

The social network says the number of fake accounts is less than five percent, a figure challenged by Musk who believes the percentage to be much higher.

Musk’s norm-defying conduct has come as little surprise to watchers of the Tesla and SpaceX chief after years of statements that flout or test convention and sometimes provoke a crackdown from regulators.

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Meta Adds Instagram Audience Targeting for Facebook and IG Ads

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Instagram Outlines Update Visual Elements to Better Connect with its Purpose

This could be a very handy option for social media managers – Meta is currently rolling out the capacity to run ads on Facebook and Instagram that target your Instagram followers.

As you can see in this image, shared by media buyer Corey Henke, now, you can target your ads to people who follow your IG account within your campaign setup, giving you a whole new audience to consider in your promotional process.

Which might not sound like much – and it probably also sounds like something that’s been available for some time. Right?

But it isn’t.

As noted by Meta ads expert Jon Loomer, up till now, you’ve been able to create a custom audience of your Facebook followers, but not your Instagram audience. That’s made it virtually impossible to focus on your IG followers specifically – which is generally, for most brands, much different to their Facebook following.

So, you can now use this as an ad targeting option, to reach people who’ve shown interest in your products on IG with your offers and promotions, while you can also use it as your source for a Lookalike Audience.

There’s a range of options here, and it’ll definitely come in handy for many marketers.

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