US court denies Musk’s request to dismiss investor suit on Twitter buyout
2023.12.12 05:10
© Reuters. FILE PHOTO: Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS
(Reuters) – A U.S. district court on Monday denied Elon Musk’s request to dismiss a lawsuit filed by Twitter investors that accuses him of driving down the social media platform’s stock price in the months before he bought it in October 2022.
The court for the Northern District of California allowed certain claims by the investor suit regarding Musk’s statements, including his tweet about the deal being “temporarily on hold”, although a portion of the plaintffs’ claims were rejected.
The law firm representing Musk, Quinn Emanuel Urquhart & Sullivan LLP, did not immediately respond to a request for comment.
Musk led the $44 billion acquisition of Twitter, which he has rebranded X.
