The boss of Tesla is accused of having voluntarily delayed in formalizing his participation, contrary to the rules of the policeman of the American Stock Exchange.
Twitter shareholders have been somewhat heckled in recent days by the arrival of Elon Musk in the capital of the social network.
An eventful arrival in the capital of Twitter
We learned on April 4 that the founder of Tesla and SpaceX owned 9.2% of the company to date, for an investment of just under $3 billion.
The next day, the CEO of Twitter, Parag Agrawal, announced his arrival on the board of directors of the social network, before the new shareholder finally decided to drop his seat. Maybe to have a free hand to invest more in the business and take some ultimately Control ?
If we do not know Elon Musk’s plans vis-à-vis the blue bird network, the man will first have to face a complaint filed by a certain Marc Bain Rasella, also a shareholder of the company, which accuses the businessman of irregularities in his position.
Elon Musk accused of waiting to declare his stake in order to buy shares at a low price
According to the plaintiffs, now partners in a class action, Elon Musk began buying Twitter shares from January 2022 and exceeded the 5% capital mark on March 14. However, according to the rules of the SEC, the American authority of control of the financial markets, the leader of Tesla had ten days to formalize his participation publicly. However, Elon Musk waited until April 4 to reveal the nature of his investment.
The shareholders behind the complaint believe that the billionaire knowingly waited to continue to amass shares at low prices and increase his stake in the social network. Indeed, on the announcement of his arrival in the capital of Twitter, the action jumped to 49.97 dollars, against 39.31 dollars on 1er April, an increase of 27%.
Twitter and Elon Musk have not yet reacted to this complaint, but the businessman continues to post tweets questioning the current functioning of the social network. The soap opera is therefore far from over.
On the same subject :
Elon Musk does not rule out launching his own social network
Source : Bloomberg
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