Elon Musk failed to fend off an investor lawsuit claiming he manipulated the stock price of Twitter Inc. months before he bought the company in 2022 by concealing how much stock he’d acquired.
A Manhattan federal judge on Friday said investors can move forward with claims that Musk committed securities fraud by failing to make timely disclosures to the US Securities and Exchange Commission, posting “misleading tweets about Twitter’s future” and carrying out “a coordinated trading strategy to silently build up” his position in the social media company.
Lawyers for Musk and the investors didn’t immediately respond to requests for comment.
One wonders about the timing of xAI acquiring Xitter.
What? It wasn’t already the same company? Are you telling me that managed to create a useless company with no revenue from his asshole, persuaded idiots to pour billions in this new startup, then used that money to pay the billions in debt that other idiots lent to buy another useless company with no revenue?
Yes, I’m telling you that.
