Elon Musk is sued by shareholders over delay in disclosing Twitter stake
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Technology
April 14
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Elon Musk was sued on Tuesday by former Twitter Inc (TWTR.N)
who allege they missed out on
in the social media company's
because he delayed too long to reveal a 9.2 percent interest in it.
The shareholders said in
filed in Manhattan federal court that Musk, the CEO of electric vehicle manufacturer Tesla Inc (TSLA.O), made "
" by
his investment in Twitter by March 24 as required by
.
Twitter shares soared 27 percent on April 4, to $49.97 from $39.31, after Musk declared his position, which investors saw as
in San Francisco-based Twitter from the world's richest person.
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