Elon Musk gets sued over Twitter buyout, again: A Twitter investor has accused the world’s wealthiest bn’aire of manipulating the platform’s stock price by flip-flopping on his acquisition and making public accusations against the company, Bloomberg reports. The buyout ordeal sunk Twitter’s stock price, harming investors while strengthening Musk's negotiating position, according to the securities class-action complaint, which accuses Musk of fraudulent and illegal conduct resulting in a potential 25% reduction (USD 11 bn) in the buyout price. Musk has already been sued at various stages of the Twitter buyout process.

Elon’s lenders are also scrambling: Banks signed on to help finance the USD 44 bn buyout of Twitter are also looking to minimize their losses on the transaction, Reuters reports, citing six debt capital market bankers and investors.

ALSO IN PLANET FINANCE-

• The Bank of England (BoE) has widened its emergency bond-buying program but warned fund managers that they’re on their own after Friday amid a government-induced crisis in the gilts markets.. (Statement | BBC)
• Saudi eyecare group Magrabi is reportedly considering an IPO of its hospitals unit on the Tadawul by next year, with the listing potentially raising USD 200 mn. (Bloomberg)
• Nissan Motor exited Russia with a USD 687 mn loss, selling its business to Russian-owned NAMI for EUR 1. It will retain the right to buy back the business within six years under the terms of the agreement. (Statement)
• The Nasdaq fell into its second bear market of the year yesterday after dipping 1.1%.The tech-heavy US index has seen a bad few days on the back of new US export restrictions on semiconductor chips. (Wall Street Journal)

THE CLOSING BELL-

The EGX30 fell 0.8% at yesterday’s close on turnover of EGP 821.63 mn (15.6% below the 90-day average). Local investors were net buyers. The index is down 17.4% YTD.

In the green: Orascom Construction (+2.4%), Sidi Kerir Petrochemicals (+1.9%) and CIRA (+0.3%).

In the red: Ezz Steel (-3.7%), Qalaa Holdings (-3.1%) and Fawry (-2.8%).

Asian markets are down across the board in early trading this morning and futures suggest traders will be greeted by a matching wall of red when European markets open. Things are looking brighter for Wall Street, with all three major US indices set top open in the green later on in the day.