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Securities

Dec. 13, 2023

Fraud claims over Musk’s ’bot’ tweets can proceed

Musk’s attorneys argued in their motion to dismiss that the investors are unsuccessfully trying to convert Elon Musk’s legal dispute with Twitter over spam bots into a securities fraud case.

The main securities fraud claims brought by a proposed class of investors against Elon Musk were allowed to proceed after a federal judge found that some of Musk’s tweets regarding his 2022 deal to acquire Twitter Inc. were false or misleading and caused losses for the plaintiffs.

On Monday, U.S. District Court Judge Charles R. Breyer dismissed the investors’ claims against the rest of Musk’s statements they were contesting, giving them l...

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