Elon Musk sued by Twitter investors for late disclosure of stake

multimillionaire Elon Musk was sued by Twitter Inc investors for late disclosure of his stake in the company as the owner of electric carmaker Tesla Inc mounts a $44 billion takeover bid for the social media platform. Investors said Musk saved $156 million by not disclosing that he had bought more than 5% of Twitter before March 14. He continued to buy shares after that, eventually revealing in early April that he owned 9.2% of the company, according to the lawsuit, filed Wednesday in San Francisco federal court. “By delaying the disclosure of his Twitter holding, Musk engaged in market manipulation and bought Twitter stock at an artificially low price,” said the investors, led by Virginia resident William Heresniak.

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