Elon Musk has been sued by former Twitter shareholders because he waited too long to disclose a 9.2% stake in the social media company.
sued on Tuesday by former Twitter shareholders who claim they missed out on the recent run-up in its stock price because he waited too long to disclose a 9.2% stake in the social media company.
Twitter shares rose 27% on 4 April, to US$49.97 from $39.31, after Musk disclosed his stake, which investors viewed as a vote of confidence from the world’s richest person in San Francisco-based Twitter. Former shareholders led by Marc Rasella said the delayed disclosure let Musk buy more Twitter shares at lower prices, while defrauding them into selling at “artificially deflated” prices.A lawyer for Musk had no immediate comment. Tesla is not a defendant.
Twitter announced on 5 April that Musk would join its board of directors, but this week said he had decided not to. By not joining the board, Musk, a prolific Twitter user, can keep buying shares without being bound by his agreement with the company to limit his stake to 14.9%.
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