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Here They Come: First Lawsuit Filed Against Musk for Manipulating Twitter Stock Price

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When a person gets so rich that their wealth exceeds that of many mid-sized nations, little business “whims” can devastate many people whom one wouldn’t have even considered to be victims beforehand. Elon Musk’s “impulse buy” of Twitter has had consequences that have greatly impacted the lives of many investors, including people who were hoping to pay for college or some semblance of retirement by investing in a stock that Elon’s reckless impulses just manipulated.

So Musk needs to get used to reading headlines about lawsuits filed against him and the first one landed in a courthouse today, from the AP:

Twitter shareholders have filed a lawsuit accusing Elon Musk of engaged in “unlawful conduct” aimed at sowing doubt about his bid to buy the social media company.

The lawsuit filed late Wednesday in the U.S. District Court for the Northern District of California claims the billionaire Tesla CEO has sought to drive down Twitter’s stock price because he wants to walk away from the deal or negotiate a substantially lower purchase price.

San Francisco-based Twitter is also named as a defendant in the lawsuit, which seeks class action status as well as compensation for damages.

Well, Elon is certainly acting like a person who wants to devalue Twitter. He has been on the platform muddying everything he touches, including yesterday’s “Jack Off” tweet sent out to a nation in mourning, Musk seems oblivious.

This lawsuit comes from Twitter shareholders but Elon best be careful about the ones coming from Tesla shareholders. Executives in a company owe that company a “fiduciary duty” to take due care of the company as a reasonable, well-qualified, person would. And Elon hasn’t taken care of his Tesla company, indeed his shareholders have sent message after message with the stock price diving with practically every tweet.

They’re coming. There will be many more. Today was just the first.

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[email protected], @JasonMiciak, with Nicole Hickman

Jason Miciak
meet the author

Jason Miciak is a political writer, features writer, author, and attorney. He is originally from Canada but grew up in the Pacific Northwest. He now enjoys life as a single dad raising a ridiculously-loved young girl on the beaches of the Gulf Coast. He is very much the dreamy mystic, a day without learning is a day not lived. He is passionate about his flower pots and studies philosophical science, religion, and non-mathematical principles of theoretical physics. Dogs, pizza, and love are proof that God exists. "Above all else, love one another."

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