Elon Musk sued by former Twitter shareholders for delay in disclosing his stake in company
Elon Musk has been sued by former Twitter Inc shareholders who claim they missed out on the recent run-up in its stock price because he waited too long to disclose a 9.2 percent stake in the social media company.
Twitter shares rose 27 percent 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. US securities law requires investors to disclose within 10 days when they have acquired 5 percent of a company, which in Musk's case would have been March 24.
By not joining the board, Musk, a prolific Twitter user, can keep buying shares without being bound by his agreement with the company to limit his stake to 14.9 percent.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Elon Musk Sued for Allegedly Dawdling on Disclosure of Twitter StakeAccording to Marc Bain Rasella’s complaint, in dragging his feet to file, Elon Musk – Twitter’s most notorious troll – managed to scoop up more shares at a deflated price.
Les mer »
Twitter ‘a s–t-show’ for employees since Elon Musk took major stake: reportMusk’s surprise rejection of a Twitter board seat emerged ahead of a scheduled “day of rest” for company employees, according to a report.
Les mer »
Elon Musk sued by investor over delay in disclosing his Twitter stakeA shareholder lawsuit accuses Elon Musk of violating SEC reporting guidelines in order to keep Twitter's price artificially low while he was building up his stake.
Les mer »
Elon Musk hit with lawsuit over controversial Twitter stake | Digital TrendsA Twitter investor has launched a class action lawsuit accusing ElonMusk of costing shareholders money following the billionaire's purchase of Twitter stock.
Les mer »
What Twitter board's statement on Elon Musk actually meansThe SpaceX CEO was expected to officially be appointed to Twitter's board on April 9, but he changed his mind according to company CEO Parag Agrawal.
Les mer »
Jeff Bezos Gives Elon Musk Advice on Would-Be Twitter Homeless ShelterElon's idea of turning a Twitter office into a shelter might not be so far-fetched after all ... so says Jeff.
Les mer »