May 31, 2023
A judge dismissed a proposed class-action lawsuit against Elon Musk that claimed he cheated Twitter shareholders several times last year in the course of buying the social media company for $44 billion.
In a decision on Monday, US District Judge Charles Breyer in San Francisco said plaintiff William Heresniak lacked standing to sue because he challenged “wrongs associated with” Musk’s buyout, not the fairness of the buyout itself.
Breyer said Heresniak did not show harm from Musk’s belated disclosure of a 9.2 percent Twitter stake, which the suit said let him buy more shares at lower prices before the buyout…