The proposed class action, filed Wednesday in the U.S. District Court for the Northern District of California, claims Musk aimed to drive down Twitter’s stock price because he either wants to walk away from the deal or negotiate a lower purchase price. Musk made an agreement last month to purchase the social media company for $44 billion, but has since repeatedly publicly complained about Twitter. He later said a lower purchase price wasn’t out of the question. Since Musk’s acquisition bid — and the grumbling — Twitter’s share price has dropped more than 12%, and Tesla’s is down about 28%. Musk was using Tesla stock to finance the Twitter purchase.

Source: Huffington Post May 28, 2022 20:01 UTC