June 24, 2024
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Business Featured

Twitter: Elon Musk faces ‘market manipulation’ lawsuit

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Al-Araby

Elon Musk faces a lawsuit accusing him of pushing down Twitter’s stock price in order to either give himself an escape hatch from his $44 billion buyout bid, or room to negotiate a discount. The suit alleges the billionaire Tesla boss tweeted and made statements intended to create doubt about the deal, which has roiled the social media platform for weeks. Filed on Wednesday by a shareholder, the claim seeks class action status and calls on a federal court in San Francisco to back the validity of the deal and award shareholders any damages allowed by law. Musk said last week that his bid to buy…

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