Tech

Twitter investor sues Elon Musk and platform over takeover bid

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Posted: 27/05/22 - 11:09
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A Twitter investor is suing Elon Musk and the social media platform over the handling of the billionaire's $44bn (£34.9bn) bid for the company.

The case alleges he violated California corporate laws in a number of ways.

It accuses the Tesla boss of "wrongful conduct" as his "false statements and market manipulation have created 'chaos' at Twitter's headquarters in San Francisco".

Twitter shares are around 27% lower than Mr Musk's $54.20 offer price.

The proposed class action lawsuit was filed this week at the US District Court for the Northern District of California by investor William Heresniak, who said he was acting "on behalf of himself and all others similarly situated".

A class-action is a lawsuit that has been filed or is defended by an individual acting on behalf of a group of people.

I Call True: I mean technically Musk has talked the platform down by 27% and will most likely be trying to buy it at that price so you can understand why this lawsuit has been filed

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3 Comments
34 days
2 upvotes
People are always looking to blame someone else
35 days
2 upvotes
No real surprise this is happening. Musk really wont care that much though, he could afford to keep this going indefinitely.
36 days
1 upvotes
Hit it twice in a week for fake accounts and made false claims about the platform, sounds to me like an open and shut case IF he was aware of this prior to bidding