A lawsuit filed against Elon Musk by William Heresniak, a previous shareholder of Twitter, was dismissed by U.S. District Judge Charles Breyer in San Francisco.
The judge made this decision on the grounds that Heresniak did not demonstrate any harm resulting from Musk’s delayed announcement of a 9.2% ownership in Twitter while it was publicly traded, nor from the postponements that caused the ultimate sale to occur one and a half months later than initially scheduled, as reported by Reuters. The lawsuit was primarily focused on questioning Musk’s acquisition strategy rather than the fairness of the transaction itself.
Heresniak had claimed in the suit, which had sought class action status, that by delaying disclosure of his purchases of Twitter stock, Musk cost him and other shareholders $156 million. It was filed in May 2022, about a month after the company had accepted Musk’s buyout offer. The final sale took place in