Elon Musk must face Twitter shareholders’ lawsuit over alleged securities fraud
submitted by https://lemmy.world/u/MicroWave
Summary
A federal judge ruled that a class-action lawsuit against Elon Musk over alleged securities fraud can proceed.
Former Twitter shareholders claim Musk failed to disclose his stock purchases in a timely manner, causing them to sell at artificially low prices.
The judge noted Musk’s March 2022 tweet suggesting interest in buying another social network as misleading. Musk’s lawyers argue the late disclosure was an error.
The SEC has filed a similar suit. Musk acquired Twitter for $44 billion in 2022 and recently merged xAI with the platform.
https://www.cnbc.com/2025/03/28/elon-musk-must-face-twitter-shareholders-lawsuit-over-alleged-securities-fraud.html
https://lemmy.world/post/27548048
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2025-03-29 20:32:54
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npub1hw23xug2s485afnpppvpe6709gd3njg0xl442p6m6h2ux5uglkwqp83gstPublished at
2025-03-29 20:32:54Event JSON
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"content": "Elon Musk must face Twitter shareholders’ lawsuit over alleged securities fraud\n\nsubmitted by https://lemmy.world/u/MicroWave\nSummary\nA federal judge ruled that a class-action lawsuit against Elon Musk over alleged securities fraud can proceed.\nFormer Twitter shareholders claim Musk failed to disclose his stock purchases in a timely manner, causing them to sell at artificially low prices.\nThe judge noted Musk’s March 2022 tweet suggesting interest in buying another social network as misleading. Musk’s lawyers argue the late disclosure was an error.\nThe SEC has filed a similar suit. Musk acquired Twitter for $44 billion in 2022 and recently merged xAI with the platform.\n\n\nhttps://www.cnbc.com/2025/03/28/elon-musk-must-face-twitter-shareholders-lawsuit-over-alleged-securities-fraud.html\n\nhttps://lemmy.world/post/27548048",
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