Elon Musk sued by investors; Jack Dorsey steps down from Twitter board

Silver Lake co-CEO fails to garner enough re-election votes

Billionaire Elon Musk was sued by Twitter investors for delayed disclosure of his stake in the social media company in a complaint filed on Wednesday in California federal court.

The investors said Musk saved himself $156 million by failing to disclose that he had purchased more than 5 per cent of Twitter by March 14. He continued to buy stock after that, and ultimately disclosed in early April that he owned 9.2 per cent of the company.

“By delaying his disclosure of his stake in Twitter, Musk engaged in market manipulation and bought Twitter stock at an artificially low price,” said the