Musk Seeks Dismissal Of Suit By Twitter Shareholders

July 5, 2024 Business, Social Media

Elon Musk wants to dismiss a lawsuit by former Twitter shareholders who said he waited too long in early 2022 to reveal his large ownership stake in the social media company, saying “all indications” show his delay was a mistake.

In a late Wednesday night filing in Manhattan federal court, Musk called it implausible to believe he wanted to defraud shareholders who didn’t know he had taken a 9.2% Twitter stake, and missed out on big gains because they sold their own stock.

The investors said this let Musk buy more shares at cheap prices, saving more than $200 million. Twitter, now known as X, rose 27% on April 4, 2022 after Musk revealed his 9.2% stake.

Read the full article. The company is no longer publicly traded since Musk’s acquisition.

Musk suggests late Twitter disclosure was a mistake, seeks to end lawsuit https://t.co/3SWFsNhTlO pic.twitter.com/CWqTLHsoIv

— Reuters (@Reuters) July 5, 2024