Musk Accused of Defrauding Investors, Faces SEC Lawsuit for Delaying Twitter Stake Disclosure
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Morgan Stanley helped Musk conceal Twitter stock buying, suit says
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A lawsuit filed in Manhattan accuses Elon Musk of defrauding investors by delaying disclosure of his Twitter stake to amass shares at lower prices.
The lawsuit claims that Musk and his right-hand man Jared Birchall were aware of and discussed the rule that they have to disclose more than a 5% stake in Twitter, citing testimonies from the two men in an investigation by the U.S. Securities and Exchange Commission (SEC).