Elon Musk suffered a rapid decline in his shares after Twitter suspended his acquisitions. Twitter shareholders were uncomfortable with the situation and sued him for downgrading Elon Musk’s Twitter shares. One of his shareholders filed a lawsuit for keeping the shares low by making a late statement after buying shares. Let’s take a look at the details of the news together.
Twitter shareholder thinks Elon Musk is manipulating shares!
After Elon Musk bought shares from Twitter, he made some attempts to own it all. This attempt came just after the Twitter shareholder sued him. The Twitter Board of Directors, which did not want Elon Musk to buy it first, later agreed and settled on the agreement. The famous businessman explained that there are a lot of fake accounts on Twitter and they should be cleaned. Because Elon Musk wants to bring an identity verification system so that the people on the platform are free enough.
Twitter, on the other hand, stated that only 5 percent of fake accounts are. As a result of research, it turned out that this data is actually more. Elon Musk then suspended Twitter purchases. The investors of the company, whose shares fell, were disturbed by this situation. That’s why a Twitter investor sued Elon Musk for manipulating stocks.
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Elon Musk frequently tweets about the platform’s shortcomings and algorithm via his Twitter account. When these are added to the purchases, investors think that Elon Musk is playing with his shares.
One of the shareholders’ lawyers who sued Elon Musk, citing the complaint, stated that California law prohibits market manipulation and stated that this is exactly the issue they are complaining about.
What do you, our readers, think about this issue? Do you think Twitter shareholder is right to sue Elon Musk? You can express your thoughts in the Comments section.