The Brief
- The lawsuit, filed on behalf of Twitter shareholders, claims Elon Musk violated federal securities laws by making false, public statements that “were carefully calculated to drive down the price of Twitter stock” ahead of his purchase of the company.
- The plaintiffs’ attorney repeatedly asked Musk if he stopped to think about how the tweet would affect the stock market. Musk answered, repeatedly, “I was simply speaking my mind.”
- Musk purchased the social media platform, now known as X, for $44 billion in 2022.
SAN FRANCISCO – Elon Musk took 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.
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What is the Twitter shareholder trial about?
What we know:
The lawsuit was filed in October 2022 in the U.S. District Court for the Northern District of California on behalf of Twitter shareholders who sold the stock between May 13 and Oct. 4, 2022, a few weeks before Musk’s purchase of Twitter was finalized.…