Wednesday, April 13, 2022

Elon Musk Sued Over Twitter Investment

Elon Musk, the CEO of Hawthorne-based SpaceX, has been sued over the timing of his announcement of his major investment in Twitter. Musk--who officially now lives in Texas but still spends much of his time in Los Angeles at SpaceX--recently became Twitter's largest individual shareholder. According to the lawsuit, Musk was required to file paperwork with the Securities and Exchange Commission (SEC) by March 24th, 10 days after his latest purchase of shares of Twitter, but did not do so until April 4th. The lawsuit alleges that delay gave Musk a gain of as much as $156M.