Summary
A federal judge ruled that a class-action lawsuit against Elon Musk over alleged securities fraud can proceed.
Former Twitter shareholders claim Musk failed to disclose his stock purchases in a timely manner, causing them to sell at artificially low prices.
The judge noted Musk’s March 2022 tweet suggesting interest in buying another social network as misleading. Musk’s lawyers argue the late disclosure was an error.
The SEC has filed a similar suit. Musk acquired Twitter for $44 billion in 2022 and recently merged xAI with the platform.
Not if he can dismantle the SEC first! /s
They are already working on it, they put a team in there yesterday.
That will only deal with the SEC portion… it won’t do anything for the civil suit at least.
Pfft… It’s federal…
Certain the pardon’s already filled out…
🙄 🙄
This is a civil suit, not criminal.
He filled the pardon himself using Grok
If that’s true…
The pardon would likely be invalid given the “success” of Grok…
🙄 🤦♀️ 🖕
It was an oopsie. His lawyers said so! That makes it not illegal. Oopsies are not illegal.
/s
This is likely one of the reasons to sell X to xAI. He can destroy evidence associated with this lawsuit.
If plaintiffs can manage to get this private sale of x to xAI proven in court as intended to hamper this suit, could the judge then proceed to pierce the corporate veil on Musk for his malicious actions?
Who the fuck knows. The rule of law doesn’t matter anymore.
So now he’s really pissed off some rich people. This should end well.
