Elon Musk bought shares of Twitter, Lawsuit against Elon Musk

Elon Musk bought shares of Twitter, Lawsuit against Elon Musk

Former shareholders of microblogging site Twitter have filed a lawsuit against Elon Musk. Because the founder of Tesla has published the news of buying 9.2 percent shares of Twitter late. Complaints of former shareholders who filed the lawsuit, The head of Tesla has broken US law by keeping the purchase of Twitter shares a secret. This time a new turn has come in that drama. 

Former Twitter shareholders have filed a class action lawsuit against Mask. Shares of the microblogging service rose 26 percent on April 4 after Mask announced the news of Twitter's share purchase. Investors saw Musk's move as evidence of his confidence in the platform, Reuters reported. But according to former shareholders, led by Mark Russell, Musk has been able to buy more shares at lower prices due to delays in publishing Twitter share ownership news. 

And the former shareholders have been cheated by selling the shares due to artificially created depreciation. The lawsuit alleges that he did not specify the amount of compensation to be paid, but Reuters reported. Musk's lawyer declined to comment immediately on the matter. Market analysts speculate that Elon Musk may push for some big changes on Twitter. Many fear that the world's richest man, as head of Tesla-SpaceX and Forbes Magazine, could try to take over Twitter.