Report: Twitter Shareholders Sue Musk for Late Disclosures, Comments
The Facts
Twitter shareholders are reportedly suing Elon Musk alleging he manipulated stock prices by deliberately delaying disclosure of his stake in the social media platform.
On Apr. 25, Twitter's board of directors accepted Musk's $44B bid to buy the company. Musk's delayed disclosure of his stake in the platform reportedly saved him $156M.
The Spin
Narrative A
Despite the Twitter board's vows to hold Musk to the $44B price, a lot has changed in the past month to lower the price of tech stocks. Musk isn't going to be fooled into overpaying in this deal, and the bot issue will ultimately help him close for a lower price.
Narrative B
Musk's latest stunts potentially netted him millions at the cost of other investors. He has a history of disregarding SEC regulations, and then turning the tables and accusing the agency of subjecting him to unfounded investigations. These shenanigans must be regulated, and he must be held accountable.
