Elon Musk accused of covert Twitter stock acquisition before takeover
Image Credit: newsbytes
Elon Musk is facing a lawsuit accusing him of secretly acquiring a multibillion-dollar stake in Twitter in early 2022 before eventually acquiring it. The claimant, an Oklahoma public pension fund, alleges that Musk's delayed disclosure of owning more than 5% of Twitter artificially suppressed its share price. The lawsuit further claims that Musk was able to acquire over 9% of Twitter without causing a significant stock price increase. Twitter's share price surge only occurred once Musk's ownership stake became public.