Elon Musk will testify in Twitter acquisition case

Billionaire Elon Musk has agreed to testify under oath on April 3 in Washington regarding the Twitter (now X) acquisition case from 2022.

This is reported by BAKU.WS with reference to Bloomberg.

Investors accuse the billionaire of manipulating the company's stock price during the deal. According to them, Musk's public statements and contradictory actions led to a drop in stock value, which harmed investors but improved his negotiating position.

Eventually, Musk acquired the platform for $44 billion after legal proceedings when he tried to back out of the deal. The company was later renamed to X Corp.

In December 2023, a federal judge in San Francisco refused to dismiss the case, noting that the businessman's statements "created an impression substantially different from the actual state of affairs."

Notably, in January 2025, the U.S. Securities and Exchange Commission (SEC) also filed a lawsuit against Musk, accusing him of failing to timely disclose information about his growing stake in Twitter. According to the SEC, this resulted in shareholder losses of more than $150 million.