Twitter Investors SUE Musk for Stock Manipulation

 

Twitter Investors SUE Musk for Stock Manipulation

A group of investors has filed a lawsuit against Elon Musk seeking damages for what they claim was fraudulent stock manipulation by the Tesla boss for not disclosing his stake had risen over 5% by SEC deadlines.


Not only did Musk save himself $156mn by hiding his increased stake by March 14, but he also announced the deal was “on hold” on May 13 - tactics to drive the purchase price down, the group allege.


The filing adds that Tesla’s significant stock price drop (trading at $713 on Thursday, down from over $1,000 in early April) has put Musk’s ability to finance the acquisition in “major peril”.

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