Musk defends himself against accusations of misconduct prior to Twitter takeover
PBS • • business
Key Points:
- Elon Musk testified in a San Francisco jury trial defending himself against accusations of deceptive behavior aimed at misleading investors during his attempt to back out of his $44 billion Twitter acquisition deal.
- The class-action lawsuit alleges Musk took calculated steps to drive down Twitter's stock price to renegotiate or cancel the deal, citing concerns over the percentage of fake accounts on the platform, which Musk described as fraudulent.
- Musk admitted to exchanging threats with Twitter's board and claimed he was advised to complete the deal due to perceived bias from the Delaware judge overseeing related litigation, though this claim is under judicial scrutiny.
- Despite the share price falling about 40% below Musk's purchase price during the dispute, Musk argued that shareholders who held stock ultimately benefited from the deal's
