ELON MUSK FACES CIVIL SECURITIES FRAUD SUIT OVER TWITTER PURCHASE AS HE EYES SPACEX IPO. (PHOTO).

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 Elon Musk faces civil securities fraud suit over Twitter purchase as he eyes SpaceX IPO 

Since acquiring Twitter for roughly $44 billion in late 2022, Elon Musk has renamed the platform X, merged it with his artificial intelligence company xAI, and integrated both into his defense and space company, SpaceX. Musk’s next major move could be taking SpaceX public in what would likely be a record-setting IPO, but first, he is confronting legal challenges from his past.

On Wednesday, Musk appeared in federal court in San Francisco to face allegations of civil securities fraud tied to his Twitter purchase. Investors filed a class action in October 2022, claiming Musk manipulated Twitter’s stock to pressure the board into selling at a lower price than initially promised. Musk’s legal team denies any intent to harm Twitter or its shareholders. During the hearing, Musk acknowledged that his tweets can affect stock prices, sometimes unpredictably, and described the market as “manic depressive.” A loss in court could require Musk to compensate former Twitter investors and influence related lawsuits. The SEC has also accused Musk of failing to disclose his Twitter stake in a timely manner, which he acquired before formally offering to purchase the company. Following his bid, Musk publicly criticized Twitter for bots and spam, and briefly threatened to halt the deal pending additional internal data, which contributed to the decline in Twitter’s stock and prompted some investors to sell at lower prices. Musk eventually settled a separate Twitter lawsuit in Delaware to complete the purchase, paving the way for the consolidation of X, xAI, and SpaceX, which is now valued at $1.25 trillion by private investors.


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