Twitter shareholders sue Elon Musk for sowing confusion over tank deal – Deadline

Shareholders of the latest social media company at Twitter-Elon Musk Circus have sought class action status for a lawsuit against the founder of billionaire Tesla, alleging unfair affluence, false statements and stock manipulation to cut prices and move away from $ 44. He agreed to the billion-dollar deal.

Musk originally financed a bank loan by buying billions of dollars in Tesla stock as collateral. The lawsuit, filed in U.S. District Court for the Northern District of California, states that Tesla’s stock sank within 30 days of the announcement. As Tesla’s stock plummeted, “Musk people made false statements and Twitter became involved in stock market manipulation,” announcing that the deal was “on hold.”

The lawsuit also reconsiders the fact that Musk did not disclose his 9.2% stake in San Francisco-based Twitter when he needed to – which the SEC is investigating – and that the incidents were uncovered in an unusual way. In other words, Musk first offered to join the Twitter board as an ally, then reversed the decision in favor of a takeover bid and threatened to retaliate if Twitter did not comply.

Musk and Twitter signed a চুক্ত 54.20-a-share cash deal in late April. It must be approved by Twitter shareholders at a special meeting, but no date has been set. It is said that Kasturi has agreed to give up due diligence – or to dive deeper into the business of a company which is ideal for big acquisitions. Several weeks later, he dismissed spam, or bot, accounts on the service, saying he did not trust their accounting on Twitter and that the deal was “temporarily on hold” until further notice. That lowered Twitter’s stock price “to create the leverage that Musk hoped to use to withdraw from the purchase or to renegotiate the purchase price,” the lawsuit alleges.

It described Musk as “a unique and multi-billion dollar problem.” Musk has promised to finance its Tesla stock to buy Twitter as collateral for a 12.5 billion loan, but Tesla has lost more than 37% since announcing the purchase.

Leading shareholder in the action is William Herseniak from VA. Twitter has been named as the culprit with the mask.

The case was filed late Wednesday night. In an SEC filing on Wednesday, Musk also pulled Tesla out of the equation, promising to provide an additional 25 6.25 billion in equity financing for the purchase – for a total of $ 33.5 billion – excluding margin loans against Tesla stock that were part of it. Original financing.

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