Elon Musk accused of violating law while buying Twitter shares
guruprakash.substack.com
Elon Musk's huge Twitter investment took a new twist on Tuesday with the filing of a lawsuit alleging that the billionaire illegally delayed disclosing his stake in the social media company so he could buy more shares at lower prices. The complaint in New York federal court accuses Mr Musk of violating a regulatory deadline to reveal he had accumulated a stake of at least 5 per cent. Instead, according to the complaint, Mr Musk didn’t disclose his position in Twitter until he’d almost doubled his stake to more than 9 per cent.
Elon Musk accused of violating law while buying Twitter shares
Elon Musk accused of violating law while…
Elon Musk accused of violating law while buying Twitter shares
Elon Musk's huge Twitter investment took a new twist on Tuesday with the filing of a lawsuit alleging that the billionaire illegally delayed disclosing his stake in the social media company so he could buy more shares at lower prices. The complaint in New York federal court accuses Mr Musk of violating a regulatory deadline to reveal he had accumulated a stake of at least 5 per cent. Instead, according to the complaint, Mr Musk didn’t disclose his position in Twitter until he’d almost doubled his stake to more than 9 per cent.