Twitter shareholder sues Elon Musk for tanking the company’s stock
Posted On May 26, 2022
A new lawsuit on behalf of Twitter shareholders was filed against Elon Musk in federal district court in San Francisco on Wednesday night, alleging that the Tesla CEO has actively manipulated the company’s stock for personal gain.
The complaint focuses on Musk’s conduct since signing the purchase agreement with Twitter’s board on April 25th, particularly his recent statement that the deal “cannot move forward” without more information about automated accounts on the platform.
After signing the agreement, the complaint alleges, “Musk proceeded to make statements, send tweets, and engage in conduct designed to create doubt about the deal and drive Twitter’s stock down substantially in order to create leverage that Musk hoped to use to…