Twitter shareholders are suing Elon Musk and the social network itself over the “chaotic process” of the company’s takeover. CNBC claims that Tesla’s president is breaking the law and manipulating the market.

According to the plaintiffs, the entrepreneur benefited financially by delaying the announcement of his stake on Twitter and temporarily hiding his plan to become a board member of the social network.

The lawsuit also alleges that Musk bought shares in the company with insider information.

Shareholders believe Tesla’s president violated California state law by “sowing suspicion” in closing the deal. The initiators of the lawsuit believe it was part of the plan to suspend the company’s acquisition due to the possible high rate of fake Twitter accounts. According to them, Musk wanted to get better conditions or break the deal in this way.

Shareholders are confident that the entrepreneur’s tweets and statements are aimed at reducing the shares of the company.

Recall that in April, Elon Musk became the largest shareholder of Twitter, buying 9.2% of the securities of the social network.

It was later learned that Tesla’s chairman would buy the company for $44 billion, announcing this move with the intention of creating “an inclusive arena for free speech.”

In May, Musk suspended the acquisition process after the media reported that the social network’s audience figures were inflated.