Elon Musk Tries To Lower $44 Billion Twitter Price Tag

Elon Musk has been more active than usual on social media this week. Musk has recently mocked the company with a caustic caricature posted on the social networking platform and it’s going viral. Following his acquisition of Twitter and the subsequent plunge in Tesla stock, it appears that Elon Musk is attempting to deceive Twitter shareholders.

It’s uncertain whether Musk will proceed with his acquisition of Twitter at this time. According to Deadline, just when we thought Elon Musk would be able to brag about being the proud new owner of Twitter, the tables have entirely turned. The South African is now being sued by the website’s shareholders.

Musk has apparently been named in a class-action complaint. He is being accused of “unjust enrichment, false statements, and stock manipulation in an attempt to reduce or not pay the $44 billion” they had previously agreed to pay. While putting together the funds, Tesla Motors CEO Elon Musk acquired a bank loan by promising billions of dollars in Tesla stock, but the company’s stock plummeted a month after his acquisition was disclosed.

The lawsuit alleges that Musk began false statements and engaged in market manipulation of Twitter stock. The engineer neglected to disclose his 9.2 percent investment in Twitter when he was required to do so, prompting an SEC probe. Musk’s purchase must be approved by shareholders at a special meeting that has yet to be scheduled.

He announced earlier this month that his acquisition of the social media company is “temporarily on hold” due to the large number of “fake” profiles on the network. Twitter’s stock dropped as much as 14% as a result of the decision, while Tesla’s stock jumped 7% on May 13. Currently, Twitter is named as a defendant along with Musk.

What do you think of this story? Let us know in the comments!