By Jonathan Stempel(Reuters) - A judge dismissed a proposed class-action lawsuit against Elon Musk that claimed he cheated Twitter shareholders several times last year in the course of buying the social media company for $44 billion. In a decision on Monday, U.S. District Judge Charles Breyer in San Francisco said plaintiff William Heresniak lacked standing to sue because he challenged "wrongs associated with" Musk's buyout, not the fairness of the buyout itself. Lawyers for Musk, two of his holding companies and Twitter did not immediately respond to requests for comment. Heresniak sued on May 25, 2022, one month after Twitter accepted Musk's $54.20 per share buyout offer. The case is Heresniak v Musk et al, U.S. District Court, Northern District of California, No.

Source: Forbes May 23, 2023 03:25 UTC