Elon Musk defends himself against accusations of misconduct leading up to Twitter takeover
apnews.com
The lawsuit claims Musk violated federal securities laws by making false, public statements that were carefully calculated to drive down Twitter's shares.

Elon Musk is expected to take the stand in a shareholder trial on Wednesday in San Francisco, where he’s accused of making false and misleading statements that drove down Twitter’s stock price before he bought the social media platform for $44 billion in 2022.

The lawsuit was filed in October 2022 in the U.S. District Court for the Northern District of California on behalf of Twitter shareholders who sold the stock between May 13 and Oct. 4, 2022, a few weeks before Musk’s purchase of Twitter was finalized. It claims Musk violated federal securities laws by making false, public statements that “were carefully calculated to drive down the price of Twitter stock.”

  • CombatWombat@feddit.onlineEnglish
    24·
    6 days ago

    I mean, he definitely did it. We all remember the breathless coverage of his 2am ketamine tweets to manipulate the market:

    Musk’s May 13 tweet — “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users” — was “false because the buyout was not, in fact, ‘temporarily on hold,’” the lawsuit says. That’s because Twitter did not agree to put the deal on hold, and there was nothing in the merger agreement the two parties signed that allowed Musk to put it on hold, according to the lawsuit.

    I wonder if he has enough clout left with the Trump admin to weasel out of this one, like he did with the Tesla deal.