Twitter investors sue Elon Musk for stock price manipulation

Elon Musk has been sued by a group of Twitter investors due to the consequences of his offer to acquire the company for 44,000 million dollars, among which are legal consequences for Musk himself for not having reported his acquisition of 9.2% of Twitter shares.

As we read in Overclock3D, these investors have claimed that Elon Musk had saved $156 million by not disclosing his purchase of more than 5% of Twitter before March 14, something that is also illegal, and allowed Musk to buy shares of Twitter at an artificially low price.

Let us remember that currently the transaction between Twitter and Elon Musk is paralyzed in the absence of evidence that spam bots only account for 5% of platform users, something that he has considered as a way for Elon Musk to reduce the value of the company to, again, save money on his purchase.

For now, the group that has filed the lawsuit is not seeking compensation for damages from the company, but they do seek compensation for punitive damages, in addition to accusing Twitter of not investigating this conduct previously.