Twitter Investor Group Leads Suit Against Elon Musk Over Buyout

The Twitter Investor Group, made up of four investors, will lead a securities-fraud class action alleging that Elon Musk manipulated Twitter Inc.'s stock price from May to October 2022 during his buyout of the company, a federal court said Monday.

Investors allege Musk took steps to lower Twitter’s stock price in an attempt to renegotiate the buyout price of $54.20 per share. They allege Musk’s failure to disclose when his Twitter holdings exceeded 5% and his public statements saying he’d put the buyout deal on hold artificially lowered Twitter’s stock price.

The group includes Brian Belgrave, Steve Garrett, John Garrett, ...