Twitter shareholders sue Musk, say he 'deflated' stock price

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Twitter shareholders have filed a lawsuit accusing Elon Musk of engaged in “unlawful conduct” aimed at sowing doubt about his bid to buy the social media company.

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The lawsuit filed late Wednesday and claims the billionaire Tesla CEO has sought to drive down Twitter’s stock price because he wants to walk away from the deal or negotiate a substantially lower purchase price

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Musk last month offered to buy Twitter for $44 billion, later said the deal can’t go forward until the company provides information about how many accounts on the platform are spam or bots.

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“In doing so, Musk hoped to drive down Twitter’s stock price and then use that as a pretext to attempt to re-negotiate the buyout,” according to the lawsuit.

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Twitter’s shares closed Thursday at $39.54, 27% below Musk’s $54.20 offer price.

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“By delaying his disclosure of his stake in Twitter, Musk engaged in market manipulation and bought Twitter stock at an artificially low price,” the lawsuit says.

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