The shareholders of Twitter have sued Tesla CEO Elon Musk and Twitter for their handling of a disorganised acquisition procedure that is still going on
The shareholders of Twitter have sued Tesla CEO Elon Musk
Twitter for their handling of a disorganised acquisition procedure that is still going on
that has led to volatility in the company's stock price.
On April 4, Elon Musk had announced a huge stake in Twitter
suggested a takeover for $44 billion, or $54.20 per share, ten days later.
Further, Twitter's share price has plummeted by over 12% since Musk's purchase proposal
while Tesla's is down almost 28%, as part of a broader sell-off in tech equities.
Since Musk originally announced his stake, Tesla shares had dropped over 40% by the end of trading on Wednesday, CNBC reported.
However, it is pertinent to note that in order to finance the acquisition
He has both sold and pledged a portion of his Tesla shares as security for loans.