Twitter shareholders sue Musk, claim he 'deflated' stock price
Elon Musk tweeted early Friday that his planned acquisition of the social network was “temporarily on hold.” This is a familiar pattern for the tech magnate.until the company provides information about how many accounts on the platform are bots.
To fund some of the acquisition, Musk has been selling Tesla stock, and shares in the electric-car maker have lost nearly a third of their value since the deal was announced April 25. “In doing so, Musk hoped to drive down Twitter’s stock price and then use that as a pretext to attempt to renegotiate the buyout,” according to the lawsuit.Before announcing his bid to buy Twitter, Musk disclosed in early April that he had. But the lawsuit says Musk did not disclose the stake within the time frame required by the Securities and Exchange Commission.
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