A Twitter investor has launched a class action lawsuit accusing ElonMusk of costing shareholders money following the billionaire's purchase of Twitter stock.
A lawsuit brought by fellow Twitter investor accuses the billionaire entrepreneur of costing shareholders money while Musk himself saved around $143 million.
Specifically, the suit alleges that Musk made “materially false and misleading statements and omissions by failing to disclose to investors that he had acquired a 5% ownership stake in Twitter as required.” The lawsuit also claims that the boss of Tesla and SpaceX gained in the region of $143 million during the same 11-day period when he purchased further Twitter stock at a depressed price, a move that saw him become the company’s largest single shareholder with a 9.2% stake.
Musk, a long-time critic of Twitter who also happens to have more than 80 million followers on the platform, caused a stir with his surprise investment in the San Francisco-based company when it came to light last week.
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