Twitter shareholders sue Musk, say he ‘deflated’ stock price

KIFI

Published May 26, 2022 2:30 PM

By BARBARA ORTUTAY
AP Technology Writer

Twitter shareholders have filed a lawsuit against billionaire Elon Musk, accusing him of unlawfully sowing doubt about his bid to buy Twitter. They say the Tesla CEO’s aim has been to drive down Twitter’s stock price because he wants to walk away from the deal or negotiate a substantially lower purchase price. Twitter is also named as a defendant in the lawsuit, which was filed late Wednesday in the U.S. District Court for the Northern District of California. A representative for Musk did not immediately respond to a message for comment on Thursday. Twitter declined to comment.

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