Elon Musk sued by Twitter shareholders for 'market manipulation'

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 US$44 billion buyout bid, or room to negotiate a discount.

Mr Musk negotiated his Twitter buyout in late April without carrying out due diligence expected in such deals, according to the suit filed by William Heresniak of Virginia. The suit argues Mr Musk was well aware that some Twitter accounts were controlled by software "bots" rather than real people, and had even tweeted about it prior to making his offer to buy the company.

"Mr Musk's market manipulation worked - Twitter has lost $8 billion in valuation since the buyout was announced," stated the claim.

His tweets does cause certain things to happen. Just think about his older posts about a certain bitcoin and how that affected their value. Speculative tweets to influence the market views. His not the only account though. It’s interesting to follow them no matter your views.

and he probably did

Can’t remember who said this but, ‘Some people have too much money and not enough brain cells.’

🤣

so, musk doing what musk does best? Literally the same thing he does with tesla stock on a very common basis.

Oh SBS you have done it again! 👏

Wasn't/isn't he planning on buying it, or was he just joking?

Leftist tears are sweet 🤣

But the deal *is* in doubt. Congress may try to stop the deal, and then there’s the % of bots on the platform which inflate numbers of the actual user base.

Hope they destroy the snake oil salesman an conman

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