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Former Twitter shareholders are suing Tesla CEO Elon Musk, claiming he waited too long to report his 9.2% stake purchase into the social media platform.
Shareholders stated that Musk made “materially false and misleading statements and omissions” by not disclosing his Twitter investment by March 24 in the class action lawsuit.
According to U.S. securities law, investors are required to disclose acquisitions of 5% within 10 days of making the investment, which would have been on March 24 for Musk.
This delay in disclosure meant Musk could purchase shares at a much lower price, leading them to sell stock at “artificially inflated” prices.
On April 4, Twitter’s shares grew by 27% after Musk announced the stock purchase that made him the largest shareholder of Twitter.
The following day, Twitter CEO Parag Agrawal announced that Musk would be joining the company’s board of directors, which would have limited his stake to 14.9%.
However, this week, it was revealed that he rejected the role. By doing so, Musk can continue acquiring more shares of the company.
