A rollicking match in Melbourne was won late on day five when the home side blasted out seven Indian wickets in the final session
cricket1 hour ago
Billionaire Elon Musk was sued by Twitter Inc investors claiming he manipulated the company's stock price downward, as the chief executive of electric carmaker Tesla Inc mounts a $44 billion takeover bid for the social media platform.
The investors said Musk saved himself $156 million by failing to disclose that he had purchased more than 5 per cent of Twitter by March 14. They asked to be certified as a class and to be awarded an unspecified amount of punitive and compensatory damages.
They also named Twitter as a defendant, arguing the company had an obligation to investigate Musk's conduct, though they are not seeking damages from the firm.
The investors said Musk continued to buy stock after that, and ultimately disclosed in early April that he owned 9.2 per cent of the company, according to the lawsuit, filed on Wednesday in San Francisco federal court.
"By delaying his disclosure of his stake in Twitter, Musk engaged in market manipulation and bought Twitter stock at an artificially low price," said the investors, led by Virginia resident William Heresniak.
Neither Musk nor his lawyer immediately responded to requests for comment. Twitter declined to comment.
The investors said the recent drop in Tesla's stock has put Musk's ability to finance his acquisition of Twitter in "major peril" since he has pledged his shares as collateral to secure the loans he needs to buy the company.
Tesla's shares were trading at around $713 on Thursday afternoon, down from above $1,000 in early April.
The timing of Musk's disclosure of his stake has already triggered an investigation by the US Securities and Exchange Commission (SEC), the Wall Street Journal reported earlier this month.
The SEC requires any investor who buys a stake exceeding 5 per cent in a company to disclose their holdings within 10 days of crossing the threshold.
The investors also said public criticism by Musk of the company, including a May 13 tweet stating the buyout was "temporarily on hold" until Twitter proved that spam bots accounted for less than 5 per cent of its users, amounted to an attempt to further drive the share price down.
ALSO READ:
Musk on Wednesday pledged an additional $6.25 billion in equity financing to fund his bid for Twitter, a sign he is still working to complete the deal.
Musk was sued earlier this month in Delaware Chancery Court by a Florida pension fund seeking to halt the deal on the basis that some other big Twitter shareholders were supporting the buyout, a violation of Delaware law. Heresniak's lawsuit does not seek to stop the takeover. read more
A rollicking match in Melbourne was won late on day five when the home side blasted out seven Indian wickets in the final session
cricket1 hour ago
The increase has come into effect from December 1, 2024
uae1 hour ago
A different jury ordered Trump in January to pay Carroll $83.3 million for defaming her and damaging her reputation in June 2019, when he first denied her rape claim
americas1 hour ago
Authorities are in the coming weeks due to put forward stricter banking rules
finance1 hour ago
Residents were warned not to approach the area in order to ensure public safety
uae1 hour ago
Buyers focused on taking advantage of improved inventory
realty1 hour ago
Direct route offers 11-day transit between Karachi and Chittagong
business2 hours ago
The scheme aims to drive Dh200 billion into UAE economy in 5 years
energy2 hours ago