Elon Musk must face fraud lawsuit for disclosing Twitter stake late
© Reuters. FILE PHOTO: Elon Musk arrives for a bipartisan Artificial Intelligence Insight Forum for all U.S. senators hosted by Senate Majority Leader Chuck Schumer at the U.S. Capitol in Washington, U.S., September 13, 2023. REUTERS/Leah Millis/File Pho
In a decision made public on Monday, U.S. District Judge Andrew Carter said shareholders in the proposed class action could try to prove that Musk intended to defraud them by waiting 11 days past a U.S. Securities and Exchange Commission deadline to reveal he had bought 5% of Twitter's shares. The shareholders also said they sold Twitter shares at artificially low prices because Musk hid what he was doing.
Carter said he could not infer that Musk was"too busy" to comply with SEC rules if he could find time to buy Twitter shares, meet with company executives, and post online about Twitter.
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