The Twitter stock price case is hot again! Musk will testify in court on 4/3

Musk (Elon Musk) will face court questions on 4/3 of the charges that investors accused him of "erratic" in the process of acquiring Twitter (Twitter) in 2022 in an attempt to influence the stock price to obtain better negotiation terms, Musk will be sworn to testify accompanied by a lawyer.

Investors accused "fake actions to buy Twitter", and the court found that the remarks affected the market

According to Bloomberg, the key to the lawsuit is that investors believe that Musk announced that he will buy Twitter in 2022, but he has repeatedly repented and publicly criticized Twitter's management problems, causing the market to doubt whether the transaction can be completed, making Twitter's stock price fluctuate sharply and affecting the interests of investors.

Investors accused Musk of deliberately manipulating to suppress Twitter's stock price so that he could obtain more favorable terms when renegotiating. Although he eventually completed the acquisition for $44 billion, the process caused a lot of controversy, and he later renamed Twitter X.

Musk had tried to ask the court to dismiss the case, but a San Francisco federal court judge rejected his request in December 2023, arguing that Musk's statement at the time did cause a great misunderstanding of the state of Twitter and affected market expectations for the deal.

Musk appeared in court on April 3, and the team of lawyers had previously refused to cooperate

The lawsuit was originally resisted by Musk's legal team, who did not want Musk to personally attend to testify. But under pressure from the court, lawyers from both sides finally reached an agreement, and Musk will appear in court in Washington on April 3.

The lawsuit is just one of Musk's many legal battles in recent years, in addition to serving as a government reform adviser to US President Trump (Donald Trump), he also has to deal with a number of his companies, including Tesla (Tesla), SpaceX and X Various legal proceedings.

Musk was targeted by the SEC and suspected of illegally acquiring shares

In addition to investor lawsuits, the SEC (SEC) also filed a complaint against Musk in January 2024, accusing him of failing to disclose in time that he was buying a large number of the company's shares before acquiring Twitter, affecting market fairness. The SEC believes that Maas profited at an unfair price in the process of privately hoarding Twitter shares, causing some shareholders to sell shares prematurely without complete information, losing more than $150 million.

The timing of this lawsuit is quite sensitive, the SEC filed a lawsuit against Musk a few days before Trump officially became the president of the United States, and the outside world is also watching whether the Trump administration will affect the SEC's supervision of Musk.

( accused by the SEC of concealing Twitter stake and underpaying $150 million! Musk angrily: Real crimes are ignored, and the SEC is simply incapable of )

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