Elon Musk accused of breaking law while buying Twitter stock
By MICHAEL LIEDTKE
AP Business Writer
SAN FRANCISCO (AP) — Elon Musk’s huge Twitter investment took a new twist Tuesday with the filing of a lawsuit alleging that the colorful billionaire illegally delayed disclosing his big stake in the social media company so he could buy more shares at lower prices. The complaint accuses Musk of violating a legal deadline to reveal he had accumulated a stake of at least 5%. Instead, according to the complaint, Musk didn’t disclose his position in Twitter until he’d almost doubled his stake to more than 9%. That strategy, the lawsuit alleges, hurt less wealthy investors who sold Twitter shares in the period before Musk acknowledged becoming a major shareholder.
