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Elon Musk’s preventive profile, which is displayed on the computer screen and Twitter logo, is reflected on the telephone screen, is observed on this illustration made in Krakow, Poland on April 9, 2022.
Jakub Porzycki | Nurphoto | Gets the image
The proposed lawsuit against Elon Musk and his family office may continue in the federal court, the judge ruled on Friday, after the billioner technology center sought to stop the case.
The right to have Rasella v. Musk (Case No. 1: 22-CV-03026-ALC-GWG) in the South New York district.
The lawsuit was passed by former Twitter shareholders who claim to have lost money when Tesla and Spacex CEO collected a stake on the social network, but did not opened their purchases in legally allocated terms.
The system of the pension and pension system of the Oklahoma firefighters and other plaintiffs in the lawsuit complained that they were selling shares of the then Twitter from publicly trading “artificially lowered prices”, while Musk has obscured their own interest and action in the company.
Elon Musk and Jared Birchal did not immediately respond to a comment request.
Musk lawyers claim that while the disclosure was submitted after the term intended for the SEC, it was just a mistake, and that the technological tycoon did not commit and did not intend to falsify securities.
According to him, Judge Andrew L. Carter in South New York wrote that the court agreed with the plaintiffs that the inability to do to reveal that he threw Twitter’s shares to the “false pricing” market.
In his 43rd opinion, the judge also noted that on March 26, 2022, Musk posted a tweet, pointing out that he was thinking about buying another social network, not on Twitter, although he had already gathered millions on Twitter since March 25, 2022.
He wrote that “reasonably” read a tweet as a statement intended to incorrectly send the public to think that buying Twitter is just a fantasy. ” The judge also wrote that “it is more likely that Musk had misleaded the material” with these tweets.
In the end, Musk in 2022 headed the Twitter ransom on Twitter about $ 44 billion. It made extensive changes to business, social platform, and then renamed its X.
As previously reportedThe Securities and Exchange Commission has started a similar claim against Musk to refuse to properly disclose the purchase of Twitter shares in 2022 before it assumed the company.
On Friday, Musk said another of his enterprises, XAI, merged with The social network is a transaction that estimates artificial intelligence of $ 80 billion and business on social media-33 billion.
