Thursday, March 28, 2024
No menu items!
spot_imgspot_imgspot_imgspot_img
Ad

Top 5 This Week

bama cap

Related Posts

Twitter Investor Sues Elon Musk For Fraudulently Acquiring Flip-Flop And Making Public Criticisms of The Business

A Twitter investor who claims Elon Musk’s on-again, off-again acquisition of the social media network and his public criticism of the business were intended to influence the stock price of the company has filed a lawsuit against the world’s richest man. According to Giuseppe Pampena, when Musk decided last week to proceed with buying Twitter for the agreed-upon amount, he “basically accepted that he had been bluffing all along” about wanting to back out of the agreement.

According to the securities class-action complaint filed Monday in federal court in San Francisco, Musk’s claims and flip-flops over Twitter caused the company’s stock price to drop, harming investors while simultaneously strengthening Musk’s negotiating position.

In April, Musk proposed to purchase Twitter for $54.20 per share, or $44 billion, but then announced he was pulling out of the deal three weeks later.

- Ad -

The lawsuit claims that Musk then “proceeded to make statements, send tweets, and engage in conduct designed to raise a reasonable doubt about the transaction and substantially depress Twitter’s stock in order to create leverage that Musk hoped to use to either withdraw from the acquisition or re-negotiate the buyout price by as much as 25%, which, if accomplished, would result in an $11 billion reduction in the buyout consideration.” “Musk’s actions were unethical and deceitful.”

Throughout the Twitter buyout process, Musk has previously faced several legal challenges.

- Ad-

Outside of regular business hours, a request for comment was not immediately answered by a representative of Quinn Emanuel Urquhart & Sullivan LLP, the law firm that represents Musk in many legal disputes, including the purchase of Twitter.

- Ad -
Vanessa Waithera
Vanessa Waitherahttps://techmoran.com
Vanessa Waithera is a young writer from Daystar University. She has been a writer for 7 years and enjoys it as a hobby and passion. During her free time she enjoys nature walks, discoveries ,reading and takes pleasure in new challenges and experiences. Contact: [email protected]

Popular Articles