Pampena

I. BACKGROUND

25 Defendant Elon Musk (“Musk”)—CEO of Tesla, Inc., and founder of SpaceX—is a 26 “prolific user of Twitter” with over 90 million followers. Compl. (dkt. 1) ¶ 8, 11. In the 27 class action complaint, Plaintiff Giuseppe Pampena alleges that after agreeing to purchase Twitter, Inc., Musk made “false statements,” engaged in “market manipulation” to lower the company’s valuation, and failed to file a timely Form 13G after his ownership of Twitter shares exceeded 5%. Id. ¶¶ 10, 18. Moreover, Musk’s eventual Form 13G was “materially misleading” because it failed to disclose his intent to join the Twitter Board and his potential purchase of the company. Id. ¶ 21. After Tesla shares—which Musk used to finance his purchase of Twitter—“cratered by almost 30%,” Musk made allegedly misleading statements to manipulate the market, including tweeting about the presence of fake accounts on Twitter. Id. ¶¶ 22–25. Plaintiff alleges that Musk’s conduct “substantially harmed Twitter’s shareholders by causing many Twitter stockholders to sell at depressed prices.” Id. ¶ 26. When Musk later announced that he would buy Twitter at …