【Elon Musk Testifies in Court Over Market Manipulation Lawsuit During Twitter Acquisition】

BlockBeats News, March 5 — According to the Financial Times, Elon Musk admitted that the tweet he posted "may not have been my wisest move" during the multi-billion dollar lawsuit over his $44 billion acquisition of Twitter. The world's richest man is currently defending himself in court against allegations of market manipulation. On Wednesday, he told a San Francisco jury that the tweet was not intended to manipulate Twitter's stock price, which was during acquisition negotiations. A group of Twitter investors claim they suffered losses after Musk threatened to withdraw from the deal to gain leverage in negotiations, despite knowing he was legally obligated to complete the $44 billion purchase. After signing a binding acquisition agreement in April 2022 and waiving the right to conduct due diligence, Musk quickly began questioning the number of bot accounts on the platform. On May 13, 2022, he tweeted that unless the company could prove that "spam/fake accounts constitute less than 5% of users," the deal would be "temporarily on hold." On that day, Twitter's stock price dropped 9% at market open.