TSLA

Tesla, Inc.

697.99
USD
-5.00%
697.99
USD
-5.00%
620.46 1243.49
52 weeks
52 weeks

Mkt Cap 700.97B

Shares Out 1.00B

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Musk sued by Twitter investors for delayed disclosure of stake

NEW YORK, May 26 (Reuters) - Billionaire Elon Musk was sued by Twitter Inc TWTR.N investors for delayed disclosure of his stake in the social media company in a complaint filed on Wednesday in California federal court. The investors said Musk saved himself $156 million by failing to disclose that he had purchased more than 5% of Twitter by March 14. He continued to buy stock after that, and ultimately disclosed in early April that he owned 9.2% of the company. "By delaying his disclosure of his stake in Twitter, Musk engaged in market manipulation and bought Twitter stock at an artificially low price," said the investors, led by Virginia resident William Heresniak. The suit comes after Musk, the owner of electric carmaker Tesla Inc TSLA.O, said he planned to take over Twitter for $44 billion. (Reporting by Luc Cohen in New York Editing by Chizu Nomiyama) ((luc.cohen@thomsonreuters.com; +1 646 361 1622; Reuters Messaging: Twitter: @cohenluc)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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