Will he likely be called into court? 🧑⚖️
Alamy
in the social media company, Twitter, and the company's CEO announced that Musk would be joining the board of directors as well. This pumped-up Twitter's stock price from around $39 a share to close to $50 a share.Musk's declaration of the recently gained assets came on the 5th of April. However, as per Federal law in the U.S., any acquisition of a stake beyond 5 percent must be declared within a period of 10 days.
According to the lawsuit filed by former Twitter shareholders, Musk had reached the 5 percent stake threshold on March 14th itself and was required to declare his holdings by March 24. By failing to do so and continuing to acquire more Twitter stock, Musk enjoyed the low prices while increasing his stake, which allegedly saved him $143 million.
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 »
Elon Musk sued by Twitter shareholders over delay in disclosing stakeThe suit alleges that Elon Musk was required to disclose his stake in Twitter by March 24, but he did not until April 4.
Les mer »
Elon Musk changes his mind, will not join Twitter boardThe news comes one week after the Tesla CEO took a 9% stake in the social media platform.
Les mer »