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Musk holds 9.2% stake in Twitter as per filings
World's richest man refused a seat on the board

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Elon Musk being sued over Twitter stake, here is why

Name: Elon Musk being sued over Twitter stake, here is why
Uploaded: 2022-04-13T09:12:00.000+05:30
Duration: T00M37S
Channel: EJ Biz Desk
Description: Elon Musk is being taken to court by former shareholders of Twitter accusing Musk of delaying the disclosure of his 9.2% stake in the social media platform. It was disclosed on April 5 that the world's richest man&nbs...

Tesla founder Elon Musk is now the largest shareholder of Twitter

Updated: Sep 02, 2022 10:53

EJ Biz Desk

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Elon Musk being sued over Twitter stake, here is why

Elon Musk is being taken to court by former shareholders of Twitter accusing Musk of delaying the disclosure of his 9.2% stake in the social media platform.

It was disclosed on April 5 that the world's richest man Elon Musk had picked up 9.2% stake in the micro-blogging site but the stake purchase allegedly happened on March 24.

In a proposed class action filed in Manhattan federal court, the shareholders said Musk, the chief executive of electric car company Tesla had an obligation under federal law to disclose the stake purchase.

Twitter shares rose 27% on April 4, to $49.97 from $39.31, after Musk disclosed his stake.