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Elon Musk Gets In Legal Battle With Twitter Shareholders

Elon Musk Falls In Legal Trouble

Elon Musk, the Tesla Billionaire has been always in limelight either for his professional life or the personal life. However, lately the billionaire has got in trouble that has made him now deal with legal battle. But do you know with whom Musk has got in legal trouble with?

Read ahead to know Elon Musk getting in legal trouble.

Twitter Shareholders sued Elon Musk

Elon Musk
AP

Well, Musk’s legal battle is reported with none other but Twitter Shareholders. According to reports, Musk made a delay in announcing the stakes for Twitter. Owing to which the shareholders have sued the billionaire and Tesla CEO.

Twitter on 5th April announced, that Tesla CEO is to attend the board of directors meeting. Unfortunately, that didn’t go as per plan. Consequently which affected them to miss closely to experience a hike in the price of stocks of the company.

Lawsuit on Musk has been filed in Federal court of Manhattan

Tesla
AP

As per the available reports, Musk is known to have 9.2 percent stake in the company. However, after making the delay in mentioning publicly his held shares in the company. Twitter shareholders have filed a lawsuit in the Federal Court of Manhattan.

The shareholders have mentioned that Musk has “given materially false & misleading information”. Not to miss, Musk missed the cut off date March 24th to mention publicly his stakes in the company. However, previously Musk’s disclosure of stakes for San Francisco Twitter made the price of the shares rise from 27% to 49.97% dated on 4th April.

Additionally, as per reports Musk is known to have bought the shares at lower prices. Moreover, now the lawsuit will demand Musk to give compensation for the damages required by the shareholders. Though, Musk’s side has given no comment on the same so far.

 

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