Twitter shareholder Marc Bain Rasella sued Elon Musk on Tuesday, accusing the billionaire of failing to disclose his Twitter stake within the time frame required by the SEC.
on Tuesday, accusing the billionaire of failing to disclose his Twitter stake within the time frame required by the U.S. Securities and Exchange Commission . The move allegedly helped Musk save approximately $143 million in subsequent share purchases, according to the lawsuit. Rasella, who aims to represent all investors who sold their Twitter stock during the week of March 24 to April 1, filed the lawsuit in the U.S. District Court for the Southern District of New York.
The lawsuit argues that by filing his disclosure so late, Musk, the CEO of Tesla and Twitter’s top shareholder, violated a securities law requiring shareholders to alert the SEC within 10 days after they exceed a 5% ownership threshold in a company. Rasella’s suit alleges that Musk’s Twitter investment exceeded 5% by March 14, but he continued to buy up Twitter shares at about $39 per share and failed to disclose his stake until last Monday. At that point, it was revealed that he commanded a 9.
Rasella’s suit argues that the delay may have hurt the wallets of Twitter shareholders who sold their stock during the March 24–April 1 time frame, while also allowing Musk to continue to buy shares at an artificially discounted rate.
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 saved $143 million by not disclosing his Twitter stake on time, lawsuit claimsA lawsuit will likely bring Elon Musk to court for not declaring his Twitter stake on time. SEC has not commented on the situation so far.
Les mer »