Twitter investors sue Elon Musk and platform over takeover bid

Twitter investors are suing Elon Musk and the social media platform over the handling of the billionaire’s $44bn bid for the company, the BBC reports.

The case alleges he violated California corporate laws in a number of ways.

It accuses the Tesla boss of “wrongful conduct” as his “false statements and market manipulation have created ‘chaos’ at Twitter’s headquarters in San Francisco.”

Twitter shares are around 27% lower than Mr Musk’s $54.20 offer price.

The lawsuit also said Mr Musk benefitted financially by delaying the disclosure of his significant stake in Twitter, and his plan to become a board member of the company.

It also claimed that several tweets posted by Mr Musk, who is a regular Twitter user with more than 95m followers, were “misleading.”

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