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Twitter shareholders sue Elon Musk and Twitter over chaotic deal

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Twitter shareholders are suing Elon Musk, and Twitter itself, over their handling of a chaotic acquisition process that is still underway, and that has contributed to volatile price swings in the company’s stock price.

The Tesla and SpaceX CEO revealed a significant stake in Twitter on April 4, and 10 days later proposed a buyout for $44 billion, or $54.20 per share. He has both sold and pledged a chunk of his Tesla holdings as collateral for loans in order to finance the deal.  

Since Musk’s acquisition bid, Twitter’s share price has dropped more than 12%, and Tesla’s is down about 28% as part of a broad sell-off in tech…



Source cnbc.com

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