Twitter shareholders sue Elon Musk over delay in disclosure of stake
India Today
Elon Musk was sued by former Twitter shareholders who claim they missed out on the recent run-up in its stock price because he waited too long to disclose a 9.2 percent stake in the social media company.
Elon Musk was sued on Tuesday by former Twitter shareholders who claim they missed out on the recent run-up in its stock price because he waited too long to disclose a 9.2 percent stake in the social media company.
In a proposed class action filed in Manhattan federal court, the shareholders said Musk, the chief executive of electric car company Tesla Inc, made "materially false and misleading statements and omissions" by failing to reveal he had invested in Twitter by March 24 as required under federal law.
Twitter shares rose 27 percent on April 4, to $49.97 (roughly Rs. 3,800) from $39.31 (roughly Rs. 2,990), after Musk disclosed his stake, which investors viewed as a vote of confidence from the world's richest person in San Francisco-based Twitter.
Former shareholders led by Marc Rasella said the delayed disclosure let Musk buy more Twitter shares at lower prices, while defrauding them into selling at "artificially deflated" prices.
The lawsuit seeks unspecified compensatory and punitive damages.
A lawyer for Musk had no immediate comment. Tesla is not a defendant.
US securities law requires investors to disclose within 10 days when they have acquired 5 percent of a company, which in Musk's case would have been March 24.
Rajkummar Rao and Wamiqa Gabbi's 'Bhool Chuk Maaf' will premiere on Prime Video on June 6, just two weeks after its theatrical release. Originally planned for a direct OTT debut, the film hit cinemas on May 23.
Fresh spy shots suggest the Mahindra Thar 3-door is set for another update, with design cues inspired by the Mahindra Thar Roxx and a more premium positioning in sight.
Samsung has been teasing its upcoming A-series devices since last week, without officially revealing their names. While speculation has largely pointed to the Galaxy A37 and A57, a lengthy video recently surfaced ahead of any official confirmation, revealing the key specs and pricing of the devices.
Sony will hand over most of its TV manufacturing to TCL in a deal likely worth Rs 8,300 crore, but the Bravia brand will live on. Consumers can expect familiar quality, even if the production behind the scenes changes. Here is everything you need to know.
Noble's first 100 days with the Neuralink N1 implant provide valuable insights into the future of mind-controlled devices. Neuralink is owned by Elon Musk.
The Oppo Find X9 Ultra is launching globally in April. It is Oppo's first Ultra-branded phone to launch outside of China.
The Bihar School Examination Board declared the Class 12 results for 2026 with the overall pass percentage announced today. A look at the Board's performance over the last five years shows how student success has evolved.
Nearly 200 AI safety activists protested in San Francisco, urging major AI companies to pause frontier AI development over growing existential risks and safety concerns.
Students who appeared for the Bihar School Examination Board Class 12 exams can now access their results through multiple platforms, including the India Today Board Results page for smoother and quicker access. With heavy traffic expected on official websites, this alternative option ensures students can check their scores without delays or technical glitches.
After fight with US Military, Anthropic starts searching for policy expert on weapons and explosives
Anthropic, the AI startup that found itself at odds with the Pentagon over unrestricted AI use, is now looking for an expert in chemical weapons and explosives. However, the company is not planning to build such weapons, but instead wants to formulate its policy in regard to weapons.
The Bihar School Examination Board will announce the Class 12 results at 1:30 pm today. It said the scores would come through the official portals, with the pass percentage, toppers and compartment schedule shared at the same time.
American astrophysicist Neil deGrasse Tyson believes that artificial intelligence has a lot of positives for humanity. However, the AI that could perhaps reach superintelligence and surpass humans may be nothing short of lethal for humanity, something he urges must not be developed.