Highlights

  • 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

Tesla founder Elon Musk is now the largest shareholder of Twitter

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.

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