ELON Musk is being sued by a Twitter shareholder who claims the Tesla CEO delayed disclosing his 5% stake in the social media company.
Marc Bain Rasella sued the billionaire on Tuesday for securities fraud in Manhattan federal court.
He claimed that Musk was required to disclose his holdings to the SEC by March 24 and that his delay in filing allowed Musk to buy more shares at a lower price.
Rasella said when Musk filed the form disclosing his stake in Twitter, the company’s shares rose 27% from $39.31 on April 1 to $49.41.
He hopes to represent a group of investors who sold Twitter stock from March 24 to April 1.
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