5/26/2022, 5:34 PM (Source: TeleTrader)
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Musk sued over manipulating market amid Twitter bid

Billionaire Elon Musk was sued by a Twitter investor in California for alleged market manipulation amid his bid to acquire the social media company, a court filing showed.

William Heresniak filed a complaint with the US District Court for the Northern District of California, claiming Musk deliberately made statements that would drive the Twitter stock price down ahead of the acquisition and failed to disclose his stake in the company in a timely manner. "By delaying his disclosure of his stake in Twitter, Musk engaged in market manipulation and bought Twitter stock at an artificially low price," the lawsuit said.

The lawsuit comes after Musk stated he is putting the Twitter deal "on hold" pending details supporting the calculation that spam/fake accounts do indeed represent less than 5% of users." He later slammed Twitter CEO Parag Agrawal for refusing to show such proof and insisted the deal will not go through until he does.

Baha Breaking News (BBN) / NP