Elon Musk is sued by shareholder for delay in disclosing Twitter's stake

Chatterbox Moo wrote a column · Apr 14, 2022 16:20

Marc Rasella, a former $Twitter (Delisted) (TWTR.US)$ shareholder, sued Elon Musk on Tuesday for missing out on the recent run-up on Twitter due to Musk's delay in disclosing the stakes.

As we mentioned last week, Musk faced the legal issue of the delayed submission of purchasing files on Twitter. (Read more: Musk's shocking late purchasing filing may risk new fight with SEC)

U.S. securities law required investors to declare their stakes in 10 calendar days if holding was over the 5% mark. The lawsuit alleges Musk should report his position by March 24 while he filled it on April 4.

Twitter investors who sold their shares between March 24 and before Mr. Musk's stake was disclosed April 4 'missed the resulting share price increase as the market reacted to Musk's purchases and were damaged thereby.'
---according to the suit.

Source: Twitter

WSJ estimates the delayed disclosure let Musk save about $143 million on the stock. Musk bought more shares at lower prices during the time and defrauded them into selling at "artificially deflated" prices, Rasella said.

Rasella told Forbes magazine that he sold 35 Twitter shares for $1,373, at an average price of $39.23, between March 25 and 29.

So mooers, what do you think?

Source: WSJ, MarketScreener, Forbes

Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more

Translate

Report

28K Views

Comment

Milk The Cow : Erm...
To put it more simple:
Shareholder feels that Elon played cheat to earn so much & did not share some to them = use the legal action to get the share of that Elon earned.
Well, Elon may snapped & sell all his shares or he may just use all that he earned from Twitter make Twitter HQ into a homeless shelter, my guessing .
Don't listen to me . I'm just sharing what I'm thinking / my views.

Report
Reply

Cancel Reply
Chatterbox Moo OP Milk The Cow :

Report
Reply

Cancel Reply
Milk The Cow Chatterbox Moo OP : Elon decided to buy Twitter at 54.20 USD per share.

So, now the question is whether Twitter will sell it to Elon .

Has Elon just checkmate Twitter?

No sell=Elon sell all his 9% since there's no reason for him to hold it anymore.

Sell=Elon buy Twitter at a considerably great discount. It worth at least 60 USD?

Report
Reply

Cancel Reply
Milk The Cow Milk The Cow : Press Release: Twitter Confirms Receipt of Unsolicited, Non-Binding Proposal from Elon Musk
https://www.moomoo.com/en-us/news/post/9783015/press-release--twitter-confirms-receipt-of-unsolicited--non-binding-proposal-from-elon-musk?src=2&futusource=nnq_comment_stock-new&report_type=stock&report_id=14492270&skintype=3&data_ticket=e7ca23151f297294e94364694a36da06&main_broker=WwogIDEwMDgKXQ==&utm_medium=futu_niuniu_share&utm_content=web_share&utm_campaign=news&utm_term=14492270&main_broker=WzEwMDhd&data_ticket=e7ca23151f297294e94364694a36da06&channel=4&skintype=3&main_broker=WzEwMDhd&data_ticket=e577728400cbeaa02d8a4acaaf3a354d&channel=4&skintype=3

Report
Reply

Cancel Reply
Lionnell : reclaim 990 we go green

Report
Reply

Cancel Reply

Chatterbox Moo

Moomoo Official Account

Welcome to moomoo chat room.

6763

Followers

Following

10K

Visitors