Elon Musk arrives for a bipartisan Artificial Intelligence Insight Forum for all US senators hosted by Senate Majority Leader Chuck Schumer at the US Capitol in Washington, US, Sept 13, 2023.October 04, 2023 3:20 AM
In a decision made public on Monday , US District Judge Andrew Carter said shareholders in the proposed class action could try to prove that Musk intended to defraud them by waiting 11 days past a US Securities and Exchange Commission deadline to reveal he had bought five per cent of Twitter's shares.
The shareholders also said they sold Twitter shares at artificially low prices because Musk hid what he was doing. Carter said he could not infer that Musk was "too busy" to comply with SEC rules if he could find time to buy Twitter shares, meet with company executives, and post online about Twitter.
Source: News Formal (newsformal.com)
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