Elon Musk Faces SEC Investigation , and Lawsuit by Twitter Investors , for Delayed Disclosure.<br />On May 25, Twitter investors filed a lawsuit <br />against Elon Musk for delaying <br />the disclosure of his stake in the company.<br />On May 25, Twitter investors filed a lawsuit <br />against Elon Musk for delaying <br />the disclosure of his stake in the company.<br />'The Guardian' reports that investors claim Musk <br />saved himself $156 million by not disclosing that he <br />had already purchased over 5% of Twitter by March 14.<br />'The Guardian' reports that investors claim Musk <br />saved himself $156 million by not disclosing that he <br />had already purchased over 5% of Twitter by March 14.<br />By delaying his disclosure of his stake <br />in Twitter, Musk engaged in market <br />manipulation and bought Twitter <br />stock at an artificially low price, William Heresniak, Twitter investor, via 'The Guardian'.<br />According to investors, <br />the recent drop in Tesla stock puts Musk's <br />bid to purchase Twitter in "major peril.".<br />According to investors, <br />the recent drop in Tesla stock puts Musk's <br />bid to purchase Twitter in "major peril.".<br />On May 26, Tesla shares<br />were trading at around $700. .<br />In April, those stocks were above $1,000.<br />Earlier this month, the U.S. Securities and Exchange Commission (SEC) opened an investigation into the timing of Musk's disclosure of his stake.<br />Earlier this month, the U.S. Securities and Exchange Commission (SEC) opened an investigation into the timing of Musk's disclosure of his stake.<br />Investors are reportedly seeking to <br />be awarded an unspecified amount <br />of punitive and compensatory damages.<br />Investors are reportedly seeking to <br />be awarded an unspecified amount <br />of punitive and compensatory damages.<br />On May 25, Musk pledged an additional <br />$6.25 billion to finance his bid <br />to purchase Twitter.<br />On May 25, Musk pledged an additional <br />$6.25 billion to finance his bid <br />to purchase Twitter.<br />'The Guardian' reports that <br />the additional financing signals <br />that the deal may be progressing.<br />Musk had already offered $44 billion <br />for his takeover of the social media platform.<br />Musk had already offered $44 billion <br />for his takeover of the social media platform
