A US federal judge has approved a settlement agreement resolving shareholder lawsuits related to Elon Musk’s acquisition of Twitter, now known as X Corp. The decision marks the end of a prolonged legal battle that challenged the terms and execution of the $44 billion takeover.
District Judge Sparkle Sooknanan, presiding in Washington, acknowledged the approval while disclosing her reservations.
She stated she had "significant concerns" regarding the agreement, a rare admission of judicial hesitation in a settlement approval.
Despite these reservations, the court determined that the deal was fair, reasonable, and adequate for the class of shareholders involved.
The lawsuits originally alleged that Musk and his advisors breached fiduciary duties and misled investors during the acquisition process.
The settlement resolves these claims without an admission of wrongdoing by the defendants.