The case is a proposed class action brought by a small group of shareholders but seeks damages to be distributed to everyone who owns stock in the corporation.
While Musk’s actions are uncommon, there has been no evident attempt by the Tesla CEO to cancel or renegotiate the agreement. Nonetheless, the accusations in the complaint are supported by Twitter’s shares, which continue to trade significantly below the agreed-upon acquisition price. As of press time, Twitter shares were trading below $40, showing market uncertainty that the purchase will close at the agreed-upon price of $54.20.
