A group of shareholders accuses Musk of having engaged in manipulation of the value of Twitter shares after having signed the agreement for the purchase of the company on April 25.
According to the complainants, “Musk made several statements, sent tweets and advanced in conduct with the purpose of creating doubt about the deal and sinking the value of Twitter's shares substantially in order to have the advantage that Musk intends to use to back out of the purchase or renegotiate the acquisition price.”, cites the The Verge.
The complaint also concerns the statement that the purchase could not proceed without more information about the automated accounts on the platform. Shareholders represented in the suit find that Musk's conduct "was and remains illegal, in violation of the California Business Code and contrary to the terms he entered into."
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The plaintiffs intend to distribute the amount of compensation obtained by all shareholders, if they win the lawsuit.
Currently, Twitter shares are worth around $40, still well below the $54,2 per share proposed by Elon Musk.
The court's decision, if the plaintiffs are right, may force Musk to buy the company for the initially agreed amount.
