Elon Musk seeks to dismiss a lawsuit accusing him of delaying Twitter stake disclosure in 2022.
Elon Musk seeks to dismiss a lawsuit filed by former Twitter shareholders claiming he delayed the disclosure of his substantial ownership stake in Twitter in 2022. Musk argues that his delay was a mistake and not an attempt to defraud shareholders. The investors allege that Musk and his wealth manager, Jared Birchall, knew they had to disclose Musk's 5% stake in Twitter by March 24, 2022, but waited 11 days, allowing him to buy more shares at cheaper prices and save over $200 million. The case is ongoing.
July 05, 2024
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