Reported 4 months ago
The article reports that a shareholder lawsuit alleges Elon Musk, with the assistance of a Morgan Stanley banker, hid his acquisition of a major stake in Twitter in 2022 to avoid alerting the market. The lawsuit claims the banker provided trading strategies to keep the purchases hidden, resulting in Musk acquiring over 9% of Twitter without triggering a stock price increase until his ownership became public. Musk's undisclosed ownership is said to have artificially kept Twitter's share price low, prompting an investigation by the US Securities and Exchange Commission. Musk and Morgan Stanley have not yet responded to requests for comment on the matter.
Source: YAHOO