On Tuesday, attorney Jacob Walker filed a
proposed class action in Manhattan federal district court, alleging Musk’s untimely notice to the U.S. Securities and Exchange Commission caused certain Twitter shareholders to miss out on a gain of $10.66 per share.
The law requires investors to disclose stock purchases worth at least 5% of a company's stock within 10 days. Musk missed the deadline by 11 days, arguably at the expense of investors who sold their stock before the Tesla CEO's announcement pumped up its value.