Musk sued by Twitter investors for delayed disclosure of stake

Published by
Reuters

NEW YORK (Reuters) -Billionaire Elon Musk was sued by Twitter Inc investors for delayed disclosure of his stake in the social media company in a complaint filed on Wednesday in California federal court. The investors said Musk saved himself $156 million by failing to disclose that he had purchased more than 5% of Twitter by March 14. He continued to buy stock after that, and ultimately disclosed in early April that he owned 9.2% of the company. “By delaying his disclosure of his stake in Twitter, Musk engaged in market manipulation and bought Twitter stock at an artificially low price,” said t…

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