A shareholder lawsuit accuses Elon Musk of violating SEC reporting guidelines in order to keep Twitter's price artificially low while he was building up his stake.
Elon Musk and Tesla have millions of vocal fans on Twitter. Not all of them are real. Two researchers are trying to figure out who controls the bots.The investor said that, when Musk filed the form revealing his Twitter stake, company shares rose 27%, from $39.31 on April 1 to $49.97 on April 4.
Rasella is seeking to represent a class of investors who sold Twitter shares from March 24 to April 1.Following Musk’s purchase of a 9.2% stake, making him the company’s largest individual shareholder, Twitter invited him to join its board of directors under an agreement limiting him from increasing his stake to more than 15%.
Musk initially accepted, but Twitter Chief Executive Parag Agrawal said Sunday that Musk had told him he would not be joining the board after all. Agrawal’s announcement came after a weekend in which Musk posted a series of tweets seemingly meant to denigrate or embarrass the company and its employees. In one, he asked, “Is Twitter dying?” noting that a number of its most-followed accounts no longer tweet frequently.
Musk later deleted the tweets. It’s unclear whether he intends to increase his Twitter stake or use it as leverage to pressure the company into changing its product or strategy. Musk has been critical of the company’s content moderation policies,
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