X Owner Elon Musk Seeks Dismissal of Twitter Shareholder Lawsuit Over Late Disclosure

Jul 5, 2024, 05:08 PM

Elon Musk, the owner of X, is seeking to dismiss a lawsuit filed by former Twitter shareholders, who allege that he waited too long in early 2022 to disclose his large ownership stake in the social media company. Musk argues that the delay in disclosure was a mistake and that he misunderstood U.S. securities laws, asserting that he did not intend to defraud investors. The case, involving the social media platform previously known as Twitter, is being heard by a New York judge.