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Musk suggests late Twitter disclosure was a mistake, seeks to end lawsuit [Yahoo! Finance Canada]
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too long in early 2022 to reveal his large ownership stake in the social media company, saying "all indications" show his delay was a mistake. In a late Wednesday night filing in Manhattan federal court, Musk called it implausible to believe he wanted to defraud shareholders who didn't know he had taken a 9.2% Twitter stake, and missed out on big gains because they sold their own stock. Investors in the proposed class action said Musk and his wealth manager Jared Birchall knew a U.S. Securities and Exchange Commission rule required Musk to disclose by March 24, 2022 he had bought 5% of Twitter, yet waited another 11 days. ADVERTISEMENT The investors said this let Musk buy more shares at cheap prices, saving more than $200 million. Twitter, now known as X, rose 27% on April 4, 2022 after Musk revealed his 9.2% stake. Musk is the world's richest person according to Forbes magazine, and runs other companies including electric car maker Tesla In his filing, Musk said he had in
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