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Elon Musk sued by Twitter investors for delayed disclosure of stake

The investors said Musk saved himself $156 million by failing to disclose that he had purchased more than 5% of Twitter by March 14

Musk, the chief executive officer of both Tesla Inc. and SpaceX, has dialed up his political bombast after lobbing a $44 billion bid to buy Twitter Inc. (Photo: Bloomberg)
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Tesla Inc owner Elon Musk (Photo: Bloomberg)

Reuters New York
Billionaire Elon Musk was sued by Twitter Inc investors claiming he manipulated the company's stock price downward, as the chief executive of electric carmaker Tesla Inc mounts a $44 billion takeover bid for the social media platform.

The investors said Musk saved himself $156 million by failing to disclose that he had purchased more than 5% of Twitter by March 14. They asked to be certified as a class and to be awarded an unspecified amount of punitive and compensatory damages.

They also named Twitter as a defendant, arguing the company had an obligation to investigate Musk's conduct, though they are not

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: May 26 2022 | 9:26 PM IST

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