Just recently, a fresh complaint was filed on behalf of Twitter shareholders in federal district court in San Francisco, alleging that Tesla CEO Elon Musk has intentionally manipulated the company’s stock for his personal advantage.
Where It’s Centered
Musk’s behavior since signing the acquisition agreement with Twitter’s board on April 25th is the subject of the complaint, specifically his recent comment that the deal “cannot move forward” without further information concerning automated accounts on the network.
Seeking Justice
The case is a proposed class action filed by a small number of shareholders, but it seeks damages for everyone who owns the company’s stock.
Twitter has remained silent on the matter. While Musk’s actions is unusual, the Tesla CEO has made no clear attempt to cancel or renegotiate the contract. The peculiar behavior of Twitter’s shares, which continues to trade significantly below the agreed-upon acquisition price, backs up the complaint’s assertions.
