{"id":430926,"date":"2022-04-13T11:31:58","date_gmt":"2022-04-13T08:31:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/elon-musk-is-sued-by-twitter-shareholders\/"},"modified":"2022-04-13T11:31:58","modified_gmt":"2022-04-13T08:31:58","slug":"elon-musk-is-sued-by-twitter-shareholders","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/elon-musk-is-sued-by-twitter-shareholders\/","title":{"rendered":"#Elon Musk is sued by Twitter shareholders"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a24c14d131df\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a24c14d131df\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musk-is-sued-by-twitter-shareholders\/#%E2%80%9CElon_Musk_is_sued_by_Twitter_shareholders%E2%80%9D\" >&#8220;Elon Musk is sued by Twitter shareholders&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CElon_Musk_is_sued_by_Twitter_shareholders%E2%80%9D\"><\/span>&#8220;Elon Musk is sued by Twitter shareholders&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Elon Musk\u2018s battle with <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>\u2019s board continues.<\/p>\n<p>The platform\u2019s shareholder has sued the SpaceX founder, alleging that by not disclosing his stake in the social media company soon enough, Musk kept Twitter\u2019s share price down.<\/p>\n<p>Marc Bain Rasella filed the lawsuit against Musk for alleged securities fraud in Manhattan federal court on Tuesday,\u00a0according to a\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-12\/elon-musk-sued-over-delay-in-disclosing-twitter-holdings\">Bloomberg<\/a>\u00a0report.\u00a0<\/p>\n<p>The suit alleges that Musk was required to disclose his stake in Twitter by March 24, but he did not until April 4.<\/p>\n<p>Twitter shares rose 27% on April 4, to $49.97 from $39.31, after Musk disclosed his stake, which investors viewed as a vote of confidence from the world\u2019s richest person in Twitter.<\/p>\n<p>Former shareholders led by Marc Rasella said the delayed disclosure let Musk purchase more Twitter shares at lower prices while defrauding them into selling at \u201cartificially deflated\u201d prices. The lawsuit seeks unspecified compensatory and punitive damages.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"683\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/elon-musk-2.jpg?w=1024\" alt=\"Elon Musk\" class=\"wp-image-21882535\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/elon-musk-2.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/elon-musk-2.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/elon-musk-2.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Twitter\u2019s stock price rose 27 percent following Elon Musk\u2019s disclosure of his stake in the company. <\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>The lawsuit is seeking to be certified as a class action representing Twitter shareholders who sold shares between March 24 and April 4, a process that could take at least a year.<\/p>\n<p>It\u2019s the latest development in a dramatic saga that has unfolded since Musk went public about his 9.1% stake in Twitter.<\/p>\n<p>Musk spent about $2.6 billion on Twitter stock \u2013 a tiny fraction of his estimated net worth of $272 billion.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\/>\n<p>It comes as Musk reversed his decision to join Twitter\u2019s board of directors after disclosing he owns more than 9% of the social media company, Twitter CEO Parag Agrawal said.<\/p>\n<p>The Tesla founder\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointment to the board was to become official on Saturday pending a background check and formal acceptance, \u201cbut Elon shared that same morning that he will no longer be joining the board,\u201d Agrawal wrote in a brief message to the company that he\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/paraga\/status\/1513354622466867201\">tweeted<\/a>\u00a0on Sunday.<\/p>\n<p>\u201cThe Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward,\u201d he said.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/elon-musk-02-1.jpg?w=1024\" alt=\"Elon Musk\" class=\"wp-image-21882543\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/elon-musk-02-1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/elon-musk-02-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/elon-musk-02-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Elon Musk has a 9.1 percent stake in Twitter. <\/figcaption><figcaption><span class=\"credit\">SOPA Images\/LightRocket via Gett<\/span><\/figcaption><\/figure>\n<p>\u201cI believe this is for the best,\u201d Agrawal wrote. \u201cWe have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.\u201d\n                        <\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/04\/13\/elon-musk-is-sued-by-twitter-shareholders\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Elon Musk is sued by Twitter shareholders&#8221; Elon Musk\u2018s battle with Twitter\u2019s board continues. The platform\u2019s shareholder has sued the SpaceX founder, alleging that by not disclosing his stake in the social media company soon enough, Musk kept Twitter\u2019s share price down. Marc Bain Rasella filed the lawsuit against Musk for alleged securities fraud in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":430927,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/elon-musk-01-3.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[127945,72997,39394,70678,36402,10401],"class_list":["post-430926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-4-13-22","tag-board-of-elections","tag-elon-musk","tag-spacex","tag-tesla","tag-twitter"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/430926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=430926"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/430926\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/430927"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=430926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=430926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=430926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}