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››Musk and Twitter hit by investor lawsuit over Balk takeover

Musk and Twitter hit by investor lawsuit over Balk takeover

By Daniel Templeten
May 27, 2022
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By Sarah Jarvis (May 26, 2022, 9:59 p.m. EDT) — Elon Musk and Twitter Inc. have been the subject of a shareholder class action lawsuit alleging the billionaire attempted to cast doubt on his plan to buy the social media company in order to do so at a lower price, driving Twitter’s valuation down by $8 billion.

Shareholder William Heresniak, a resident of Virginia, alleged in a lawsuit filed in federal court in California on Wednesday that the Tesla CEO faced “a unique, multi-billion dollar problem” after pledging his shares. Tesla as collateral for a $12.5 billion loan to fund the takeover. from Twitter, as shares of the automaker fell more than 37%…

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