Wall Street

Musk sued by Twitter investors for stock ‘manipulation’ during takeover bid

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Reuters

NEW YORK (Reuters) – Billionaire Elon Musk was sued by Twitter Inc investors claiming he manipulated the company’s stock price downward, as the chief executive of electric carmaker Tesla Inc mounts a $44 billion takeover bid for the social media platform. The investors said Musk saved himself $156 million by failing to disclose that he had purchased more than 5% of Twitter by March 14. They asked to be certified as a class and to be awarded an unspecified amount of punitive and compensatory damages. They also named Twitter as a defendant, arguing the company had an obligation to investigate Mu…

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