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Home News Business

Twitter Shareholders Sue Elon Musk Due To Delayed Disclosure Of Stake Purchase

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.

Aayat AlibyAayat Ali
April 13, 2022
in Business
Reading Time: 1 min read
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Elon Musk is sued by shareholders over delay in disclosing Twitter stake

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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.  

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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. 

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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. 

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Source: Reuters
Tags: BusinessMarketingTechnology
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Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

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