The arrival of Elon Musk within Twitter is causing quite a stir.
And it's not about a social or ethical aspect this time, but about money.
Shareholders are not happy and have filed a complaint.
According to American law, the billionaire had ten days to announce his entry into the capital of the company, having acquired more than 5% of the shares.
Only he didn't.
The Tesla boss made his acquisition on March 14 and only made it public on April 4.
At this announcement, the value of the shares of the microblogging platform soared by 27%, and those who have sold shares in the meantime have it a little bad.
Not only did they resell their shares at a lower value, but the businessman, for his part, was apparently able to save $156 million, according to the
Washington Post
.
A visibly illegal maneuver, which is why shareholders who feel cheated have decided to take the case to court.
Always higher
Elon Musk exceeded the 5% of shares purchased on March 14 and continued to acquire them after this date, until he reached 9.2%, the whole being estimated at 3 billion dollars.
He should have informed the Securities and Exchange Commission (SEC) of his capital increase before March 24.
Those who sold their shares between March 24 and April 4 could not take advantage of the surge in prices of nearly 30%.
Thus, as the
Guardian
notes , a plaintiff, who sold 35 of his shares at $39.31 each, could have claimed $49.97 per share.
Moreover, if Elon Musk is now considered a passive shareholder, the fact of ultimately not sitting on the board of directors allows him to increase his acquisitions without being restricted to the 14.9% limit.
How far will the billionaire go, while he is still embroiled in a legal battle with the American regulatory commission which requires him to have his tweets on Telsa approved by a lawyer so as not to violate the rules on competition?
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