Elon Musk was ordered by a U.S. 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 on Monday, U.S. District Judge Andrew Carter said shareholders in the proposed class action could try to prove that Musk intended to defraud them by waiting 11 days past a U.S. Securities and Exchange Commission deadline to reveal he had bought 5% of Twitter’s shares.
That quote reads like he is the only one at the company. I could see using that argument for my business, as there literally is only me except one day a week my wife watches the shop for 3 hours.
Does he not have any accountants?
Probably fired em. When you have more money than nearly the rest of the world combined, you don’t need to keep track of things like “finances” and “books”.
He bought the shares for his private account, not on behalf of his companies. There was no reason for accountants at his companies to get involved, they probably don’t even have access to his private account.
Elon surely has a personal accountant that handles private transactions. He is not logging into these websites on his own to make large purchases. Someone else knew about it, and likely that there should be a disclosure for a large purchase like that.
He would have his own accountants for his private accounts…