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Market watch twitter3/12/2023 “By delaying his disclosure of his stake in Twitter, Musk engaged in market manipulation and bought Twitter stock at an artificially low price,” the lawsuit says. Musk benefited by more than $156 million from his failure to disclose his increased stake on time, since Twitter's stock price could have been higher had investors known Musk was increasing his holdings, the lawsuit claims. But the lawsuit says Musk did not disclose the stake within the timeframe required by the Securities and Exchange Commission.Īnd the lawsuit says his eventual disclosure of the stake to the SEC was “false and misleading” because he used a form meant for “passive investors” - which Musk at the time was not, because he had been offered a position on Twitter's board and was interested in buying the company. Twitter's shares closed Thursday at $39.54, 27% below Musk's $54.20 offer price.īefore announcing his bid to buy Twitter, Musk disclosed in early April that he had bought a 9% stake in the company. "In doing so, Musk hoped to drive down Twitter’s stock price and then use that as a pretext to attempt to re-negotiate the buyout,” according to the lawsuit. In response to the plunging value of Tesla’s shares, the Twitter shareholders' lawsuit claims Musk has been denigrating Twitter, violating both the non-disparagement and non-disclosure clauses of his contract with the company. To fund some of the acquisition, Musk has been selling Tesla stock and shares in the electric carmaker have lost nearly a third of their value since the deal was announced on April 25. Twitter has also disclosed its bot estimates to the Securities and Exchange Commission for years, while also cautioning that its estimate might be too low. The company paid $809.5 million last year to settle claims it was overstating its growth rate and monthly user figures. In addition, the problem of bots and fake accounts on Twitter is nothing new. That means he waived his right to look at the company’s non-public finances. The lawsuit notes, however, that Musk waived due diligence for his “take it or leave it” offer to buy Twitter. Bye Bye.Musk last month offered to buy Twitter for $44 billion, but later said the deal can’t go forward until the company provides information about how many accounts on the platform are spam or bots. Do check out for all the news, market analysis, investment strategies and dozens of stock recommendations. Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said that Indian benchmark indices outperformed their Asian peers on the last day of the current month expiry, as there was no surprise in the rate hike decision by the US Federal Reserve which came on expected lines, fuelling a rally in the US markets. VIP Industries tumbled 6 per cent after Q1 earnings. Spicejet hit new 52-week lows after aviation regulator DGCA directed the company to operate only 50 per cent of approved flights for 8 weeks. ITC and Sun Pharma were the remaining two. Tata Steel, Kotak Mahindra Bank and IndusInd Bank were the other key gainers.Īmong the losers, Bharti Airtel, Ultratech Cement and Dr Reddy’s Labs dropped a per cent each on Thursday. Both the stocks gained over 10 per cent each. Bajaj Finance and Bajaj Finserv stole the show after Q1 results and corporate announcements. On Sensex, 25 shares settled with gains, whereas the remaining five ended in the red. Private lenders and metal stocks also saw some strong action. The Nifty IT index gained 3 per cent, whereas financial services and realty indices jumped over 2 per cent each. Investors added more than Rs 3.38 lakh crore to their kitty as BSE m-cap scaled 263 lakh crore mark.Īmong the sectoral pack, all sectors settled with decent gains. Sensex was less than 100 points away from the 57,000 mark during the session. Broader markets underperformed the headline peers but both midcap and smallcap indices settled in a per cent higher. Its NSE counterpart, Nifty50 gained about 290 points to settle at 16,930 level. The 30-share pack Sensex jumped about 1,050 points to close above 56,850 mark. Tadalafil is sometimes called the brand names Cialis (for erectile dysfunction and benign prostatic enlargement) or Adcirca (for pulmonary hypertension). Hopes that the Fed may go slow on rate hikes sent domestic stocks soaring amid the monthly expiry. District Court for the Northern District of California claims the billionaire Tesla CEO has sought to drive down Twitter’s stock price because he wants to walk away from the deal or. The lawsuit filed late Wednesday in the U.S. I am Sanchay Guptaīulls continued to dominate Dalal Street on Thursday, thanks to the in-line rate hike of 75 basis points by the Federal Reserve. Twitter shareholders have filed a lawsuit accusing Elon Musk of engaged in unlawful conduct aimed at sowing doubt about his bid to buy the social media company. Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street.
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