Elon Musk sued by former Twitter shareholders for delay in disclosing his stake in company
Elon Musk has been sued by former Twitter Inc shareholders who claim they missed out on the recent run-up in its stock price because he waited too long to disclose a 9.2 percent stake in the social media company.
Twitter shares rose 27 percent on April 4, to $49.97 from $39.31, after Musk disclosed his stake, which investors viewed as a vote of confidence from the world's richest person in San Francisco-based Twitter. US securities law requires investors to disclose within 10 days when they have acquired 5 percent of a company, which in Musk's case would have been March 24.
By not joining the board, Musk, a prolific Twitter user, can keep buying shares without being bound by his agreement with the company to limit his stake to 14.9 percent.
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