Twitter, shareholders file lawsuit against Elon Musk

A class action lawsuit was filed against Elon Musk to purchase a stake of more than 9% of the social media platform Twitter. An operation that made him the largest shareholder in the company but also inevitably caused a jump of more than 27% in Twitter’s share price. However, a group of investors complain, Musk belatedly announced the purchase of him and this saved him about $ 143 million. Legal documents filed in New York say Musk had to notify the Securities and Exchange Commission within 10 days, or March 24, of the 5% stake in Twitter being exceeded. Instead, Musk didn’t report anything to the SEC until April 4, and as a result, investors note, he was able to continue buying Twitter stock at ‘normal’ prices until the announcement. No comment came from the South African entrepreneur – who renounced joining the Twitter board of directors.