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

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.

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

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.

“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.

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

“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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