Musk saved $ 156 million by not disclosing that on March 14, he acquired more than 5% of Twitter shares.
Twitter Inc. shareholders have sued billionaire Elon Musk for manipulating the company’s $ 44 billion purchase price. This was reported by Reuters.
Musk is said to have saved $ 156 million by not disclosing that on March 14 he had already acquired more than 5% of the shares on Twitter.
Shareholders named Twitter as the defendant, arguing that the company was obligated to investigate Musk’s behavior, even if they were not seeking damages from the company.
Musk continued to buy shares after that, they said, and ended up disclosing in early April that he owned 9.2% of the company.
By delaying the disclosure of his Twitter stake, Musk manipulated the market and bought Twitter stock at an artificially low price.
They said the recent decline in Tesla shares put Musk’s ability to finance Twitter’s acquisition at “serious risk” as he pledged his shares as collateral to secure the loans needed to buy the company. .
Recall, Musk called the condition for stopping Twitter’s buying process.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.