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Martina Havranová
May 27, 2022, 1:00pm
Reading time: 0:51

Twitter Investor Sues Elon Musk For The Takeover Of The Company. According To Him, Musk Violated Several Corporate Laws And Lied

Some people argue, that Musk is trying to lower the originally set purchase price of $ 44 billion.

Martina Havranová
May 27, 2022, 1:00pm
Reading time: 0:51
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One of the investors of the Twitter social media platform has filed a suit against the richest man in the world Elon Musk. He stated that he acts not only in his name, but also on behalf of everyone else in a similar situation. The problem is the billionaire's behavior surrounding his offer to buy the social platform for $ 44 billion, reports BBC Business.

 

According to the lawsuit, Musk has violated California's corporate laws several times. Tesla's chief is also blamed for the "incorrect procedure" as his false statements and market manipulation created chaos in the Twitter headquarters in San Francisco. According to the lawsuit, Elon Musk benefited from the fact that he has delayed announcing his large share in society and also the intention to become a member of the Board of Directors.

 

Some of Musk's posts on Twitter were also problematic, and he is followed by more than 95 million users. The lawsuit also includes a post in which the billionaire has announced that the takeover of the social media platform is suspended due to the unknown number of fake Twitter accounts. Lawsuit states that doing this, he manipulated the market. According to analysts, Elon Musk is looking for ways to reduce the purchase price or back out from the agreement completely .

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Thumbnail: Getty Images/Maja Hitij
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