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Elon Musk just got hit with a class action lawsuit.

Elon Musk just got hit with a class action lawsuit.

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You might have heard by now. Elon Musk has been Twitter’s largest shareholder for a few weeks, but he’s already facing a class-action lawsuit over the handling of his investment. A Twitter shareholder just filed a class-action lawsuit against Musk over the 11-day delay in disclosing the investment in Twitter to the SEC officially.

Lawfully Elon Musk was supposed to file paperwork with the SEC by March 24th, 10 days after the stake in Twitter grew to 5%, but he didn’t do it until April 4th. That delay doesn’t sound very significant but he gained up to $156 million. According to the shareholder who filed the lawsuit, he & other investors sold their shares at “artificially deflated” because of Musk. The lawsuit alleges that Musk made “materially false and misleading statements and omissions by failing to disclose to investors that he had acquired a 5% ownership stake in Twitter as required.”

This lawsuit is coming after a chaotic few days for Twitter and Elon Musk asked the Tesla CEO and the very well-known Twitter troll initially agreed to join the Twitter board of Directors but then said that he wouldn’t.

Elon Musk just got hit with a class action lawsuit.

Elon Musk just got hit with a class action lawsuit.

–––––

You might have heard by now. Elon Musk has been Twitter’s largest shareholder for a few weeks, but he’s already facing a class-action lawsuit over the handling of his investment. A Twitter shareholder just filed a class-action lawsuit against Musk over the 11-day delay in disclosing the investment in Twitter to the SEC officially.

Lawfully Elon Musk was supposed to file paperwork with the SEC by March 24th, 10 days after the stake in Twitter grew to 5%, but he didn’t do it until April 4th. That delay doesn’t sound very significant but he gained up to $156 million. According to the shareholder who filed the lawsuit, he & other investors sold their shares at “artificially deflated” because of Musk. The lawsuit alleges that Musk made “materially false and misleading statements and omissions by failing to disclose to investors that he had acquired a 5% ownership stake in Twitter as required.”

This lawsuit is coming after a chaotic few days for Twitter and Elon Musk asked the Tesla CEO and the very well-known Twitter troll initially agreed to join the Twitter board of Directors but then said that he wouldn’t.

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