Newsdeck

Musk sued over Twitter tiff

Elon Musk Sued Over Delay in Disclosing Twitter Stake

Elon Musk, founder of SpaceX and chief executive officer of Tesla Inc., speaks during a discussion at the Satellite 2020 Conference in Washington, D.C., U.S., on Monday, March 9, 2020. The event comprises important topics facing both satellite industry and end-users, and brings together a diverse group of thought leaders to share their knowledge.
By Bloomberg
13 Apr 2022
0

Elon Musk was sued by a Twitter Inc. shareholder who claims the Tesla Inc. CEO’s delay in disclosing his ownership of more than 5% of the social media company artificially kept its share price down.

By Bob Van Voris

(Bloomberg) —Marc Bain Rasella sued Musk for securities fraud in Manhattan federal court Tuesday, claiming Musk was required to disclose his holdings to the SEC by March 24. Musk’s delay in filing the disclosure allowed him to buy more shares at a lower price and cheated the sellers of Twitter sales of increased profits, Rasella claims.

Musk didn’t immediately respond to a request for comment. Twitter declined to comment on the suit.

The investor said that, when Musk filed the form revealing his Twitter stake, company shares rose 27%, from $39.31 on April 1 to $49.97 on April 4.

Rasella is seeking to represent a class of investors who sold Twitter shares from March 24 to April 1.

The case is Rasella v. Musk, 22-cv-03026, U.S. District Court, Southern District of New York (Manhattan).

Gallery

Comments - Please in order to comment.

Top Reads This Hour

Patriotic Alliance shocks ANC, DA in Western Cape wards, local party bags historic win
Maverick News

Patriotic Alliance shocks ANC, DA in Western Cape wards, local party bags historic win
Gloves come off as SA’s Takealot and Zando tackle global juggernauts Temu, Shein and Amazon
Maverick News

Gloves come off as SA’s Takealot and Zando tackle global juggernauts Temu, Shein and Amazon
Running out of money every month? Here’s how to create a practical spending plan
Maverick Life

Running out of money every month? Here’s how to create a practical spending plan
Reserve Bank seizes R60m assets from Berdine Odendaal, leaving her in the cold
Maverick News

Reserve Bank seizes R60m assets from Berdine Odendaal, leaving her in the cold
Natural-born class acts — why small-town schools punch above their weight
Maverick Life

Natural-born class acts — why small-town schools punch above their weight

TOP READS IN SECTION

Portugal must 'pay costs' of slavery and colonial crimes, president says
Newsdeck

Portugal must 'pay costs' of slavery and colonial crimes, president says
I have a picture for you! 13 April- 19 April 2024
Newsdeck

I have a picture for you! 13 April- 19 April 2024
South Africa sends top officials to UAE over Gupta extraditions
Maverick News

South Africa sends top officials to UAE over Gupta extraditions
Ukraine suspends consular services for military-age men in draft push
World

Ukraine suspends consular services for military-age men in draft push
John Lennon's lost 1960s acoustic guitar to go up for auction
Newsdeck

John Lennon's lost 1960s acoustic guitar to go up for auction

Investigations

News & Analysis

Features

Newsletters

Community

DM168

Daily Maverick © All rights reserved

Please peer review 3 community comments before your comment can be posted

Daily Maverick needs your support

We're not asking you to pay for every article you read. We're asking you to support us so that we can keep doing what South Africa needs us to do. Without the support of our readers, we won't be able to keep going.

If you really can't afford the price of an extra cup of coffee a week, then know this: we will never force you to pay. We'e got your back and one day, you'll have ours.

SUPPORT DAILY MAVERICK
Become a Maverick Insider

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options
Daily Maverick Elections Toolbox

Feeling powerless in politics?

Equip yourself with the tools you need for an informed decision this election. Get the Elections Toolbox with shareable party manifesto guide.