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Shareholder seeks class action lawsuit against Elon Musk
The billionaire is accused of violating information obligations and saving money when buying Twitter shares. Musk deliberately caused a price drop.
Elon Musk's actions in the proposed takeover of Twitter could result in a class action lawsuit against him and the company. A US shareholder accuses the tech billionaire, among other things, of having saved a lot of money at the expense of shareholders by violating information obligations when buying Twitter shares. In addition, his comments after the deal closed sent the price of Twitter shares plummeting.
The Virginia shareholder is seeking a class action, according to the previously filed lawsuit. Musk has not yet commented on this.
Tesla boss Musk had already bought a good nine percent stake in the online service before the announcement of his takeover plan for Twitter. According to US rules, exceeding the five percent mark must be made public within ten days – Musk, however, exceeded this deadline by eleven days. When the announcement was made, the share price rose significantly.
Based on the price difference, the suing shareholder now accuses Musk of having saved $156 million through the late notification. According to media reports, US authorities are also examining Musk's approach.
Musk is said to have deliberately caused the price to drop
After Musk agreed with Twitter's board of directors on a takeover at a price of $54.20 per share, his comments unleashed further turbulence. He declared the deal suspended because he suspected that the proportion of spam and bot accounts was above the estimates of less than five percent often quoted by Twitter. He wanted to see evidence from Twitter first.
Twitter stock was trading at just $39 in premarket morning, a far cry from Musk's offer. The plaintiff shareholder accuses Musk of deliberately causing the price decline.
From Twitter's point of view, however, the tech billionaire cannot unilaterally terminate the agreement, and the board of directors is determined to complete the deal for the agreed $54.20 per share. A shareholder vote on whether to accept Musk's offer is still pending.
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