The suit alleges that Elon Musk was required to disclose his stake in Twitter by March 24, but he did not until April 4.
The platform’s shareholder has sued the SpaceX founder, alleging that byin the social media company soon enough, Musk kept Twitter’s share price down.
Twitter shares rose 27% on April 4, to $49.97 from $39.31, after Musk disclosed his stake, which investors viewed as a vote of confidence from the world’s richest person in Twitter. The lawsuit is seeking to be certified as a class action representing Twitter shareholders who sold shares between March 24 and April 4, a process that could take at least a year.
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