Elon Musk sued by Twitter shareholder who claims Tesla CEO ‘delayed disclosure he owned more than 5% of the stock’ – Reuters

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.

Elon Musk is being sued by a Twitter shareholderCredit: Getty

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.

More soon…

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