Elon Musk faces SEC investigation and lawsuit by Twitter investors for delayed disclosure
On May 25, Twitter investors filed a lawsuit against Elon Musk for delaying the disclosure of his stake in the company. 'The Guardian' reports that investors claim Musk saved himself $156 million by not disclosing that he had already purchased over 5% of Twitter by March 14. "By delaying his disclosure of his stake in Twitter, Musk engaged in market manipulation and bought Twitter stock at an artificially low price." William Heresniak, Twitter investor, via 'The Guardian'. According to investors, the recent drop in Tesla stock puts Musk's bid to purchase Twitter in "major peril".
