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Elon Musk.
| AFP | Thursday 05/26/2022 – 16:48 UTC-5 | 421 words
Twitter shareholders sued Elon Musk, aspiring to acquire the firm, whom they accuse of having manipulated the market to save on the purchase of the social network.
According to In documents filed in a California court on Wednesday, the plaintiffs allege the Tesla founder delayed the timing of his disclosure. have entered the capital of Twitter, a legal obligation from certain levels of participation.
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The multimillionaire -according to the lawsuit- would have saved this way. 156 million dollars, since, he affirms, if he had informed the market at the correct time, he would have paid more for part of the shares.
“By delaying the publication Despite the amount of his Twitter stake, Musk manipulated he went to the market and bought parts (of the firm) at an artificially low price”, argue the investors’ lawyers.
Since the beginning of April, the value of the social network on the stock market has fluctuated to the rhythm of official information and Musk’s tweets.
When he announced who owned more than 9% of Twitter’s capital on April 4, the stock skyrocketed. 25%.
He had to join the company directory, which he ultimately did not do. Then he announced his intention to buy the entire San Francisco-based group for $44 billion.
The company board objected, but then relented. Musk said he would call off the operation, but eventually went ahead with it. with his purchase plan.
“Musk made statements, sent tweets and made other actions designed to sow doubt and substantially lower Twitter’s stock to give itself a margin of maneuver that it hoped to use to withdraw from the transaction or renegotiate the price”, they denounce.
The lawyers recalled that part of the financing of the operation was based on loans attached to the shares of Tesla, its flagship company, which lost a lot of value after their plans with Twitter were known.
But, On this level, news has also abounded in the last few hours.
Twitter was precisely one of the values sought on Wall Street this Thursday (+6.35% to 39.52 dollars) , following the announcement on Wednesday that Musk had increased The direct capital injection to buy the social network, to a total of 33,500 million dollars, compared to 21,000 million at the beginning.
Musk resigned. so He agreed to a $12.5 billion loan secured by Tesla stock that he was planning to take out, which also fueled the move. shares of his electric car manufacturing company (+7.43% to $707.73).
Musk intends to delist Twitter by closing the deal .