Recently, Parag Agarwal, CEO of social networking platform Twitter, tweeted that Tesla and SpaceX CEO Elon Musk have refused to join Twitter's board. Elon Musk is once again in the news as he has also been booked for cheating twitter's shares.
Elon Musk has been sued in a US court and he has been accused of knowingly delaying his share in Twitter so that he gets shares of the company at an affordable rate on March 24. Between April 2022 and April 1, 2022, Marc Ben Rasella, on behalf of all former Twitter investors, filed a lawsuit in Manhattan Federal Court.
Marc Ben Resella has accused Elon Musk of knowingly making false and misleading statements and completely hiding the necessary information about the investment according to federal law. He also says that Musk kept his investment information hidden so that he could buy more shares of Twitter at a cheaper rate.
The SEC requires investors to file Schedule 13 within 10 days of crossing the 5% threshold, but Elon Musk has not submitted the filing until he has taken a 9.2% stake in Twitter so far. The people who filed the case have also said that if Musk had informed about his investment in Twitter at the scheduled time, they would not have sold their shares.
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