Elon Musk’s Twitter profile shown on a computer screen and the Twitter logo shown on a phone screen is seen in this photo of the illustration taken in Krakow, Poland on April 9, 2022.
Jakub Porzycki | Nurphoto | Pictures of getty
A demand for class action against Elon Musk and his excess of the family office can proceed in a federal court, a judge ruled on Friday after the centi-bombionary technology intended to dismiss the case.
The case is Rasella v. Musk (Case No. 1: 22-CV-03026-Alc-Gwg) in the southern New York district.
The lawsuit was filed by former Twitter shareholders who claim that they lost money when the CEO of Tesla and Spacex was accumulating a participation on the social network, but did not disseminate their purchases within a period of time.
The Pension and Retirement System of Oklahoma Firefighters and other demand plaintiffs complained that they had sold twitter actions of trade publicly at « artificially deflated prices », while Musk darken their own interest and participation in the company.
Elon Musk and Jared Birchall did not respond immediately to a comment request.
Musk’s lawyers have argued that, while their dissemination was submitted after a dry period, this was merely a mistake and that the technology tycoon did not commit or attempted values fraud.
In his opinion, Judge Andrew L. Carter, in the southern New York district, wrote that the court coincided with the plaintiffs that the failure of spreading Musk that was taking Twitter shares sent a « false signal signal in the market. »
In his 43 -page opinion, the judge also said that Musk had published a tweet on March 26, 2022, indicating that he was thinking of buying a different social network, not on Twitter, although he had already accumulated millions of shares on Twitter on March 25, 2022.
He wrote, was « reasonable » to read the Musk tweet « as a statement aimed at directing the audience to think that buying Twitter was just a fantasy. »
Musk finally made an offer and brought to Twitter purchase by 2022 in an agreement worth about $ 44 billion. He made changes in the business, the social platform and later renamed it X.
As previously informedThe Securities and Exchange Commission filed a similar demand against Musk for a suspected failure to properly disseminate the purchases of Twitter shares by 2022 before the company took over.
On Friday, Musk said another of his companies, lamb, was merging with with The social network in a transaction for all level, valuing the artificial intelligence business at $ 80 million and social media business at $ 33 million.
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