Reported 4 months ago
A lawsuit in the US claims Elon Musk ignored warnings and hid his growing stake in Twitter in 2022, failing to disclose it, allegedly defrauding investors by accumulating shares at lower prices. Musk, along with his aide, allegedly devised a secret trading strategy to disguise the acquisition. The lawsuit accuses Musk of saving over $200 million and disregarding disclosure rules despite warnings, impacting investors. Musk has been in a long-standing dispute with the SEC, with his lawyers claiming any non-disclosure was unintentional.
Source: YAHOO