A class action lawsuit was filed against Elon Musk, who bought a large share of Twitter and came to the fore with the allegations that he would be appointed to the management of the social media platform, due to his new investment.

 Announcing that he bought 9.2 percent of Twitter with an investment of $2.8 billion last week, Elon Musk had become the largest shareholder of the giant social media platform. Now, the famous billionaire is facing a class action lawsuit for late filing of his investment with the United States Securities and Exchange Commission (SEC). According to the securities law, Musk, who increased his stake on Twitter to 5 percent on March 24, had to report his investment to the SEC within 10 days. However, the famous billionaire, who did not provide any information to the institution until April 4, received great criticism from other shareholders. In the lawsuit filed, it is stated that investors who sold their Twitter shares before Musk's investment missed the share price increase after Musk's statements and suffered. It is also alleged that Musk "made materially false and misleading statements and omissions by not disclosing to investors that he had purchased a 5% stake in Twitter, as required."