Home » Elon Musk sued in class-action by Twitter investor

Elon Musk sued in class-action by Twitter investor

by LLT Editor
13th Apr 22 10:54 am

Shareholders have filed a lawsuit against Elon Musk after he became Twitter’s largest single shareholder.

The lawsuit alleges that Musk failed to disclose his 9.2% stake in the company, worth almost $3bn, within the proper time to the US Securities and Exchange Commission.

Under US law, investors are required to notify the SEC within 10 days of acquiring more than a 5% stake in a publicly listed company.

It comes as Twitter CEO Parag Agarwal said he has been “excited to collaborate” with Musk subject to a “background check”, and had “many discussions” about it, both among themselves and with Musk.

“Elon is our biggest shareholder and we will remain open to his input,” Mr Agrawal added in a tweeted statement.

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