13.04.2022 03:36 Uhr, Quelle: Engadget

Elon Musk is hit with a class action lawsuit over his Twitter investment

Elon Musk has only been Twitter’s largest shareholder for a few weeks, but he’s already facing a class action lawsuit over his handling of the investment. A Twitter shareholder has filed a class action lawsuit against Musk over his 11-day delay in officially disclosing his investment in Twitter to the SEC.Under securities law, Musk was required to file paperwork with the SEC by March 24th — 10 days after his stake in Twitter grew to 5 percent — but he didn’t do so until April 4th. That delay might not sound particularly significant, but it may have netted him as much as $156 million. According to the lawsuit, those gains came at the expense of other shareholders, who were not able to similarly profit.“Investors who sold shares of Twitter stock between March 24, 2022, when Musk was required to have disclosed his Twitter ownership, and before the actual April 4, 2022 disclosure, missed the resulting share price increase as the market reacted to Musk’s purchases and were

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