Musk to take stand in Twitter shareholder trial | AP Newshttps://apnews.com/article/elon-musk-twitter-lawsuit-shareholders-stock-3fa8783666737839cdd7331fec1bf61d

[mamabearcathy@mindly.social]

Musk to take stand in Twitter shareholder trial | AP News
https://apnews.com/article/elon-musk-twitter-lawsuit-shareholders-stock-3fa8783666737839cdd7331fec1bf61d

Elon Musk is expected to take the stand in a shareholder trial on Wednesday in San Francisco, where he’s accused of making false and misleading statements that drove down Twitter’s stock price before he bought the social media platform for $44 billion in 2022.

The lawsuit contends that Musk violated federal securities laws by making false, public statements that “were carefully calculated to drive down the price of Twitter stock.”

Musk reached a deal to buy Twitter in April 2022. On May 13, however, he declared his plan “temporarily on hold” and said he needs to pinpoint the number of spam and fake accounts on the platform. Twitter’s stock tumbled as a result. A few days later, he tweeted that the deal “cannot go forward” and claimed that almost 20% of Twitter accounts were “fake,” according to the lawsuit.

Musk’s May 13 tweet was “false because the buyout was not, in fact, ‘temporarily on hold,’” the lawsuit says.