A lawsuit has been brought against Elon Musk by Twitter investors, claiming that he manipulated the company's stock price to buy the stock at an artificially low price.
An investor lawsuit claims that Musk "manipulated the company's stock price downward" during his engagement in the company, which is one of the headaches Elon Musk is dealing with in relation to his proposed takeover of Twitter.
According to a new Bloomberg/Yahoo story, investors claim that Musk saved $156 million by not declaring his purchase of more than 5% of Twitter by March 14 in a timely manner.
The investors also requested that they be recognized as a class and that punitive and compensatory damages be granted. Along with Musk, Twitter was named as a defendant, with investors claiming that the company did not do enough to investigate Musk's conduct.
According to the lawsuit, his actions were intended to "drive Twitter's stock down substantially in order to create leverage."
“Musk’s market mani...