The only thing surprising about Elon Musk getting his ass sued for brazenly ignoring a regulatory deadline last month to disclose his 9 percent stake in Twitter is that it took even this long to get said ass sued — but sued it has gotten. As the Associated Press announced earlier today, a new legal challenge in New York accuses the Technoking of intentionally withholding news of his purchases in order to continue buying up Twitter stock at lower prices. Musk first snagged a little over 670,000 shares in Twitter on January 31 at $36.83 a piece, then continued buying up stock nearly daily through April 1 when he finally told everyone about his machinations.
According to federal law, Musk was supposedly required to inform fellow shareholders within two weeks of surpassing a 5 percent stake in the company — a milestone that occurred back on March 14. Musk, however, only got around to telling everyone of his new financial interest in the social media platform a full 11 days past the legal deadline, at which point he already amassed his roughly 9 percent influence in the company. You may find this difficult to believe, but investors did not take kindly to the delayed information, and would like a legal word with Mr. Musk.
