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Twitter investors sue Elon Musk and platform over takeover bid

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 (£34.9bn) bid for the company.

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 claimed 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".

It included a post in which Mr Musk said his takeover bid for the social media firm was on hold because of his doubts over the number of fake accounts on the platform.

The tweet on 13 May "constituted an effort to manipulate the market for Twitter shares as he knew about the fake accounts," the lawsuit said.

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Author: BBC

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