Twitter shareholders allege Musk is playing fast and loose with his $44B takeover plan. A group of shareholders has sued Musk in a California federal court.
"Musk’s statement was misleading because it stated or implied that Musk’s obligation to consummate the buyout was conditioned on his satisfaction with due diligence to determine whether ‘spam/fake accounts do indeed represent less than 5% of users,’" the"This was false because Musk had specifically waived detailed due diligence as a condition precedent to his obligations under the buyout contract.
They argue that Musk's actions have "substantially harmed" the company's employees and "encouraged other market participants to short Twitter’s stock." In addition, they claim Musk saved approximately $156 million by delaying the disclosure of his 9.2% stake in the company in order to buy Twitter stock at an "artificially low price, in violation of the California Corporations Code." According to the lawsuit, Twitter has lost $8 billion in value since the buyout was announced.
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