The billionaire faces a class-action lawsuit from those who missed out on significant profits.
Elon Musk faces a federal lawsuit from Twitter shareholders alleging they missed out on significant profits when the Tesla CEO failed to properly disclose his substantial stake in the social network. In a proposed class-action claim filed in Manhattan federal court, plaintiff Marc Bain Rasella claims that investors who sold shares of Twitter stock between when Musk was required to disclose his ownership stake (March 24) and when he actually did (April 4) were „damaged“ by missing out on the 27% share price increase. „Defendant had the obligation, ability, and opportunity to prevent the issuance of the false statements and omissions alleged herein,“ the proposed class action suit said.
