Elon Musk's lawyers argued that their client was 'one of the busiest people on the planet' and that any disclosure failure was 'inadvertent'. Reuters
Elon Musk's lawyers argued that their client was 'one of the busiest people on the planet' and that any disclosure failure was 'inadvertent'. Reuters
Elon Musk's lawyers argued that their client was 'one of the busiest people on the planet' and that any disclosure failure was 'inadvertent'. Reuters
Elon Musk's lawyers argued that their client was 'one of the busiest people on the planet' and that any disclosure failure was 'inadvertent'. Reuters

Elon Musk must face fraud lawsuit for disclosing Twitter stake late


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Elon Musk was ordered by a US judge to face most of a lawsuit claiming he defrauded former Twitter shareholders last year by waiting too long to disclose that he had invested in the social media company, which he later bought and renamed X.

In a decision made public this week, US District Judge Andrew Carter said shareholders in the proposed class action could try to prove that Mr Musk intended to defraud them by waiting 11 days past a US Securities and Exchange Commission deadline to reveal he had bought 5 per cent of Twitter's shares.

The judge in Manhattan also dismissed an insider trading claim against Mr Musk, the world's richest person.

Lawyers for Mr Musk did not immediately respond on Tuesday to requests for comment.

Shareholders led by an Oklahoma firefighters pension fund said Mr Musk saved more than $200 million by adding to his Twitter stake, and quietly talking with its executives about his plans, before finally disclosing a 9.2 per cent stake in April last year.

The shareholders also said they sold Twitter shares at artificially low prices because Mr Musk hid what he was doing.

Mr Musk's lawyers argued that their client was “one of the busiest people on the planet” and that any disclosure failure was “inadvertent”.

Mr Carter said he could not infer that Mr Musk was “too busy” to comply with SEC rules if he could find time to buy Twitter shares, meet company executives and post online about Twitter.

He also found evidence that Mr Musk understood the 5 per cent disclosure rule, including that he had given evidence about it under oath and had properly disclosed stakes in his electric car maker Tesla and the former SolarCity at least 20 times.

Katie Sinderson, a lawyer for the plaintiffs, declined to comment.

Mr Musk bought Twitter for $44 billion last October.

Under the SEC rule, investors have 10 days to disclose when they have acquired 5 per cent of a company.

Twitter shares rose 2 per cent on April 4 last year to $49.97 from $39.31, after Mr Musk revealed his 9.2 per cent stake. Mr Musk's takeover valued Twitter at $54.20 per share.

If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5 

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A

Where to buy and try:

Nutritional yeast

DesertCart

Organic Foods & Café

Bulletproof coffee

Wild & The Moon

Amasake

Comptoir 102

DesertCart

Organic Foods & Café

Charcoal drinks and dishes

Various juice bars, including Comptoir 102

Bridgewater Tavern

3 Fils

Jackfruit

Supermarkets across the UAE

Updated: October 03, 2023, 6:37 PM`