May 27, 2022

Twitter investors sue Elon Musk and platform over takeover bid

Twitter investors are suing Elon Musk and the social media platform over the handling of the billionaire's $44bn bid for the company. Twitter shares are around 27% lower than Mr Musk's $54.20 offer price. On Friday, Frank Bottini, who is one of the lawyers representing the Twitter investors, told the BBC that the lawsuit was filed as Mr Musk "Continues to disparage the company he wants to buy for $44bn in an effort to renegotiate the purchase price". Mr Musk has also reportedly hinted that he may seek to pay less for Twitter than the $44bn agreed with the company's board in March. Twitter declined to comment when contacted by the BBC.Earlier this month, Twitter confirmed that two of its bosses who had been leading its consumer and revenue operations were leaving the company.

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