Musk eventually bought San Francisco-based Twitter for $44 billion in October 2022
NEW YORK - Elon Musk wants to dismiss a lawsuit by former Twitter shareholders who said he waited too long in early 2022 to reveal his large ownership stake in the social media company, saying "all indications" show his delay was a mistake.
The investors said this let Musk buy more shares at cheap prices, saving more than $200 million. Twitter, now known as X, rose 27% on April 4, 2022 after Musk revealed his 9.2% stake. "This is not a scheme to defraud," Musk said. "All indications--including those in the pleadings--point to mistake."
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