Elon Musk defends tweets in lawsuit alleging they caused Twitter stock to fall before acquisition
Elon Musk is defending his pre-acquisition tweets in court, facing a lawsuit claiming they misled investors and caused financial losses.Summary
Elon Musk testified in a San Francisco court on Thursday regarding a class-action lawsuit alleging that his tweets misled investors, leading to millions in losses before his $44 billion acquisition of Twitter (now X) in October 2022. The lawsuit claims Musk’s statements were false and misleading, impacting the stock price. Musk maintains his actions were justified, and the trial centers on whether his tweets constituted a breach of fiduciary duty. Investors argue that Musk’s actions, including questioning the number of bot accounts on the platform, negatively influenced Twitter’s value. The case involves claims of stock manipulation and seeks damages for investors who purchased shares between April and October 2022. Musk’s defense team argues that his statements were opinions and protected speech, and that the decline in Twitter’s stock price was due to broader market conditions.
(Source：The Atlanta Journal-Constitution)