Elon Musk Sued by Twitter Investors Over Late Disclosure

A Twitter Inc. shareholder is suing Elon Musk, claiming he and others suffered financial losses.... [{ "selector": ".xsmlo-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }]

because of the billionaire’s delay in disclosing his stake in the social-media company. [{ "selector": ".jpoqa-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }]

On April 5, Twitter announced that Musk would be joining the board of directors, but then turned around and decided not to do so after all. Click Here

According to Reuters, shareholders said That Elon had taken too long to disclose his 9.2 percent stake in the company, which caused them to miss the increase in stock price [{ "selector": ".gcxlx-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 420px))", "opacity": 1}, {"offset": 1, "transform": "translateY(0)", "opacity": 1} ] }]

In a lawsuit filed Tuesday in the Southern District of New York, Marc Bain Rasella claims Musk made “materially false and misleading statements and omissions by failing to disclose to investors”... [{ "selector": ".becoq-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 414px))", "opacity": 1}, {"offset": 1, "transform": "translateY(0)", "opacity": 1} ] }]

his 9.2% ownership stake in a timely manner, in violation of Securities and Exchange Commission regulations. [{ "selector": ".mdmmw-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 451px))", "opacity": 1}, {"offset": 1, "transform": "translateY(0)", "opacity": 1} ] }]

Twitter shares rose 27% on April 4, to $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 [{ "selector": ".mdbeq-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 415px))", "opacity": 1}, {"offset": 1, "transform": "translateY(0)", "opacity": 1} ] }]

To sum up what Mark Russell, a former shareholder said: Musk purchased shares at a low price while other shareholders sell their stock at a lower price. [{ "selector": ".ouztg-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 441px))", "opacity": 1}, {"offset": 1, "transform": "translateY(0)", "opacity": 1} ] }]

Elon Musk Sued by Twitter Investors Over Late Disclosure

Musk is now $100B Richer Than Jeff Bezos