Elon Musk has been sued by former Twitter Inc shareholders who claim they missed out on the recent run-up in its stock price because he waited too long to disclose a 9.2 percent stake in the social media company.
Twitter shares rose 27 percent on April 4, to $49.97 from $39.31, after Musk disclosed his stake, which investors viewed as a vote of confidence from the world's richest person in San Francisco-based Twitter. US securities law requires investors to disclose within 10 days when they have acquired 5 percent of a company, which in Musk's case would have been March 24.
By not joining the board, Musk, a prolific Twitter user, can keep buying shares without being bound by his agreement with the company to limit his stake to 14.9 percent.
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