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After a will-they or won’t-they story with Elon Musk and the Twitter board, Musk finally said he wouldn’t join it. But now, one shareholder is suing Musk for not declaring that he bought Twitter stock when he did.
Marc Bain Rasella is arguing that Musk was late filling out a form that says he owns more than a 5% stake in the company, which meant that the stock was artificially low while he bought some more. Basically, he’s saying that by Musk not filling out this form, he kept the value of Twitter stock low so that he could buy it cheap, and sellers “missed the resulting share price increase as the market reacted to Musk’s purchases and were damaged."