The latest in the Twitter-Elon Musk circus has shareholders of the social media company seeking class action status for a lawsuit against the billionaire Tesla founder, alleging unjust enrichment, false statements and stock manipulation in order to lower the price or walk away from the 44 billion deal he’d agreed to.
Musk had originally financed the purchase in part by pledging billions of dollars in Tesla stock as collateral for a bank loan. That became a problem as Tesla stock plunged in the 30 days after the announcement, says the suit (read it here) in U.S. District Court in the Northern District of California. As Tesla stock dropped, “Musk begins to make false statements and engage in market manipulation of Twitter stock,” including by announcing that the deal was “on hold.”
The suit, filed Wednesday, also revisits the fact that Musk didn’t disclose his 9.2 stake in San...
Musk had originally financed the purchase in part by pledging billions of dollars in Tesla stock as collateral for a bank loan. That became a problem as Tesla stock plunged in the 30 days after the announcement, says the suit (read it here) in U.S. District Court in the Northern District of California. As Tesla stock dropped, “Musk begins to make false statements and engage in market manipulation of Twitter stock,” including by announcing that the deal was “on hold.”
The suit, filed Wednesday, also revisits the fact that Musk didn’t disclose his 9.2 stake in San...
- 5/26/2022
- by Jill Goldsmith
- Deadline Film + TV
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