Investor sues Elon Musk for late Twitter filing

Following a week of headlines generated by his 9.2% ownership of Twitter, billionaire Elon Musk is being sued.

An investor sued Musk on Tuesday, claiming he should have reported his purchase to the Securities and Exchange Commission sooner.

Following a week of headlines generated by his 9.2% ownership of Twitter, billionaire Elon Musk is being sued.

An investor sued Musk on Tuesday, claiming he should have reported his purchase to the Securities and Exchange Commission sooner.

The plaintiff, Marc Rasella, claims he lost money selling Twitter stock at “artificially deflated prices” because Musk waited past the SEC's deadline to disclose his stake.

Musk disclosed on April 4 that he had bought 9.2% of Twitter stock, making him the company's largest outside shareholder.

The news boosted the stock by over 27%.

Rasella claimed Musk was required by the SEC to disclose his stake within ten days of reaching a 5 percent ownership threshold, which would have been March 24.

“Plaintiff and the Class would not have sold Twitter's securities at the price sold, or at all,” the lawsuit said.

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