Investors are preparing a lawsuit against Musk over allegations of fraud
Former Twitter investors plan to file a class-action lawsuit against Elon Musk.
This is stated in a U.S. federal court ruling.
The shareholders accuse the businessman of delaying the disclosure of information about his stake in the company.
According to them, Musk failed to report his ownership of more than 5% of the shares in a timely manner and later disclosed that he owned 9.2%.
Investors believe that because of this, they sold shares at undervalued prices and lost over $200 million.
The lawsuit also cites his public statements, which could have influenced the market.
The judge noted that these allegations may be sufficient to proceed with the class-action lawsuit.
The amount of potential damages is still being determined.
We also reported that Elon Musk confirmed the full reusability of the new generation of the Starship spacecraft.
The probability that Elon Musk will reach a net worth of $1 trillion as early as 2026 has risen to a record 82%. This figure is the highest on record and indicates a significant increase in the estimate of his future wealth.
