After a stakeholder filed a class-action lawsuit over the handling of his $3 billion investment, Elon Musk’s Twitter endeavor has encountered quite the roadblock. We shall see how Elon takes this matter head on as he has more plans for the company.
One for the Team
Marc Rasella has filed a lawsuit against Musk, alleging that he withheld information about his investment in the social media behemoth in order to buy additional shares at a lesser price.
A Few New Enemies
Musk was obligated by securities law to file the papers with the SEC by March 24, which was 10 days after his 5% purchase. However, he did not do so until April 4th, potentially netting him $156 million at the expense of other shareholders who were unable to profit in the same way.
With Musk being in hot water at the moment, it would seem that he still had things under control. The recent news could make Musk go for more huge moves, but knowing the billionaire, he could make things much better for him in just a matter of time,