Billionaire Elon Musk's chances of walking away unscathed from his commitment to buy Twitter just improved, thanks to recent allegations from the company's former security chief.
Twitter looks like a cybersecurity dumpster fire in a whistleblower complaint submitted to federal regulators by Peiter Zatko. He complains of lax security practices that put users' personal data at risk and the social media company in danger of violating a settlement agreement with federal regulators. He also alleges that the Indian government forced Twitter to hire two government agents who had access to sensitive data.
Soon after Zatko's concerns became public, Musk referenced them in new legal claims. The Tesla CEO now argues that Twitter is damaged goods and by hiding such egregious problems, it committed fraud.
Twitter calls Zatko's complaints inaccurate, inconsistent and opportunistic.
Twitter sued Musk in July after he tried to break off the agreement to buy the company for $44 billion. Musk claimed that the company had understated the prevalence of bots–or spam accounts–on its platform and that was justification for his change of heart.
Given that Musk had waived due diligence when he signed the agreement–not to mention that it was he, and not the company, who had sought the acquisition–many experts believed he had a flimsy legal case.
His legal claims "just always seemed like such an incredibly long shot argument to begin with," said Ann Lipton, a business and securities law professor...
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