Musk disregarded warnings, hid Twitter stake, US lawsuit claims
==========

Elon Musk ignored warnings about securities disclosure obligations for his Twitter stake, according to a lawsuit. The lawsuit claims that Musk and his associate Jared Birchall were aware of the rule to disclose more than a 5% stake in Twitter. Musk is accused of defrauding investors by delaying disclosure of his Twitter stake to buy shares at lower prices. The lawsuit alleges that Musk saved over $200 million by secretly amassing shares in Twitter. Musk eventually bought Twitter for $44 billion in October 2022 and changed the company's name to X.

#ElonMusk #Twitter #Lawsuit #SecuritiesDisclosure #Fraud #Investors

https://www.investing.com/news/stock-market-news/musk-disregarded-warnings-hid-twitter-stake-us-lawsuit-claims-3464739