Musk sued by Twitter investors for delayed disclosure of stake

[groundloop]

Source: Reuters



Billionaire Elon Musk was sued by Twitter Inc (TWTR.N) investors for delayed disclosure of his stake in the social media company in a complaint filed on Wednesday in California federal court.

The investors said Musk saved himself $156 million by failing to disclose that he had purchased more than 5% of Twitter by March 14. He continued to buy stock after that, and ultimately disclosed in early April that he owned 9.2% of the company.

"By delaying his disclosure of his stake in Twitter, Musk engaged in market manipulation and bought Twitter stock at an artificially low price," said the investors, led by Virginia resident William Heresniak.

The suit comes after Musk, the owner of electric carmaker Tesla Inc (TSLA.O), said he planned to take over Twitter for $44 billion.

Read more: https://www.reuters.com/markets/deals/musk-sued-by-twitter-investors-delayed-disclosure-stake-2022-05-26/

[C Moon]

1. I'm confused, I thought he bought Twitter. It says he "planned" to take over Twitter for 44 billion.

[NYC Liberal]

4. Nope. Hasn't happened yet. He was going to borrow against his stake in Tesla,

but Tesla's stock has tanked. Now he's trying to get funding elsewhere.

[C Moon]

5. Okay. Thanks.

[obamanut2012]

8. No. He did not buy Twitter

[Martin68]

2. Musk is clearly a narcissistic sociopath.

[Crazyleftie]

6. Musk should be prosecuted

for illegally manipulating the market via his tweets.....

[Calista241]

7. He's going to be forced to honor the contract he signed.

Twitter is his, and despite his efforts to lower the price, a court is going to make him honor the deal. Everyone celebrating that twitter ownership is going to remain as is, is going to be disappointed.