ElonMusk was sued by a Twitter Inc. shareholder who claims the Tesla Inc. CEO’s delay in disclosing his ownership of more than 5% of the social media company artificially kept its share price down. Moneyweb BusinessNews
Elon Musk was sued by a Twitter Inc. shareholder who claims the Tesla Inc. CEO’s delay in disclosing his ownership of more than 5% of the social media company artificially kept its share price down. Musk’s delay in filing the disclosure allowed him to buy more shares at a lower price and cheated the sellers of Twitter sales of increased profits, Rasella claims.
Musk didn’t immediately respond to a request for comment. Twitter declined to comment on the suit. The investor said that, when Musk filed the form revealing his Twitter stake, company shares rose 27%, from $39.31 on April 1 to $49.97 on April 4. Rasella is seeking to represent a class of investors who sold Twitter shares from March 24 to April 1. The case is Rasella v. Musk, 22-cv-03026, US District Court, Southern District of New York .
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