Since Musk's acquisition bid, Twitter's share price has dropped more than 12%, and Tesla's is down about 28% as part of a broad sell-off in tech stocks.
Tesla shares were off more than 40% at the end of trading Wednesday since Musk first revealed his stake.
In a proposed class-action lawsuit filed on Wednesday, Twitter shareholders allege that Musk violated CaliforniaIn one potential violation, they claim that Musk financially benefited by delaying required disclosures about his stake in Twitter and by temporarily concealing his plan in early April to become a board member at the social network.
Musk also snapped up shares in Twitter, the complaint says, while he knew insider information about the company based on private conversations with board members and executives, including former CEO Jack Dorsey, a longtime friend of Musk's, and Silver Lake co-CEO Egon Durban, a Twitter board member whose firm had previously invested in SolarCity before Tesla acquired it.
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