More Musk mania

Tesla and SpaceX CEO Elon Musk is facing a lawsuit from former Twitter shareholders who claim he failed to disclose his stake in the social media platform in orderly time which prevented them from profiting from the rise in stock prices.

Musk purchased a 9.2 percent stake in Twitter, becoming the social media company’s largest shareholder. The tech mogul denied a position on the company’s board after first announcing that he would accept the position.

In a class-action lawsuit filed in Manhattan federal court, plaintiff and stockholder Marc Bain Rasella said he is suing on behalf of all Twitter shareholders who held stock between March 24, when Musk passed the 5 percent ownership threshold in the social media company, and April 1.