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Businessman Elon Musk will be forced to testify under oath as part of the investigation into the purchase of the social network Twitter in 2022, writes Bloomberg.

Bloomberg: Musk will have to testify under oath in the case of buying Twitter

08.03.2025

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📝 Summary

Businessman Elon Musk will be forced to testify under oath as part of the investigation into the purchase of the social network Twitter in 2022, writes Bloomberg.

Musk bought Twitter for $44 billion after much hesitation and public criticism of former management. The businessman's hesitation over the deal brought down Twitter's stock price, hurt shareholders and strengthened Musk's position before the deal. Investors who filed a lawsuit against Musk believe that the actions of the richest man in the world when buying the social network could be a ploy to reduce its value. At first, Musk's lawyers refused to face-to-face questioning, but on Friday both sides told the court that the businessman had agreed to meet with investors' lawyers on April 3 in Washington. Previously, the billionaire asked to stop the proceedings, but in December 2023, a judge in San Francisco rejected the request. As the judge pointed out, Musk’s statements on Twitter gave an impression significantly different from the real situation. In addition, a lawsuit against Musk in January filed the Commission on securities and exchange Commission (SEC). The businessman was accused of increasing his stake in Twitter before the deal, without disclosing this information on time. This, according to the commission, allowed Musk to buy shares at a lower price, causing damage to other Twitter shareholders. The businessman could have underpaid at least $150 million, according to the SEC. Twitter was founded in 2006 as a social network for short messaging. After buying Twitter, Musk renamed the social network to X.