Of course it makes sense. “Material” is a financial term that is used all the time. It’s not a surprising term at all and fits here.

Twitter doesn’t have to be caught in a lie. They can just be caught with having a materially different numbers of fake accounts from their stated numbers.

If 25% of the amount you paid to Twitter for ads went to bots and fake accounts, you don’t think that you deserve a refund? You don’t think advertisers would take advantage of that to get refunds? You don’t think the SEC would be interested in this?

The whole point is Musk’s team is going to dig up stuff that Twitter won’t want to fix because the cost to find and track it will overweigh the amount of money they make probably. But it will have ramifications in terms of things like refunds and customers leaving the platform entirely. It will make them look really bad. It’s inevitable.