On Monday, a U.S. district court rejected Elon Musk’s motion to dismiss a lawsuit filed by Twitter investors. The lawsuit alleges that Musk deliberately lowered the stock price of the social media platform in the months leading up to his acquisition of it in October 2022.
The Northern District of California court permitted specific allegations from the investor lawsuit concerning Elon Musk’s statements, such as his tweet indicating the deal was “temporarily on hold.” However, a portion of the claims made by the plaintiffs was dismissed.
Quinn Emanuel Urquhart & Sullivan LLP, the legal representation for Musk, did not promptly provide a comment in response to the inquiry.