Wolf Popper LLP Announces Investigation into Potential Securities Fraud By Elon Musk on Behalf of Sellers of Twitter, Inc. Common Stock

New York, New York--(Newsfile Corp. - April 14, 2022) - Wolf Popper LLP is investigating potential securities fraud claims against Elon Musk on behalf of sellers of Twitter, Inc. common stock (NYSE: TWTR) related to whether Mr. Musk violated U.S. Securities and Exchange Commission (SEC) regulations by failing to disclose that he had acquired a 5% ownership stake in Twitter.

According to Mr. Musk's SEC filings, he appears to have acquired a 5% ownership stake in Twitter on March 14, 2022. SEC regulations require investors to make a filing with the SEC within 10 days of passing the 5% ownership threshold. Mr. Musk, however, did not make an SEC ownership filing until April 4, 2022, 12 days after the March 24, 2022 SEC reporting deadline.

After Mr. Musk finally disclosed his 9.2% ownership stake in Twitter on April 4, 2022, the price of Twitter common stock rose $10.66 per share, allegedly causing damages to Twitter investors who sold their Twitter shares between March 24, 2022 and April 4, 2022 at artificially depressed prices.

Mr. Musk's SEC filings also indicate that he purchased 13.1 million shares of Twitter common stock between March 24, 2022 and April 4, 2022. Wolf Popper Partner Joshua Ruthizer commented that "By waiting to disclose his Twitter common stock purchases and ownership stake, Elon Musk appears to have saved himself more than $142 million, money that came out of the pockets of investors who sold their shares to Mr. Musk."

Investors who sold at least $50,000 of Twitter shares between March 24, 2022, and April 4, 2022, and who would like to discuss the investigation should contact Joshua Ruthizer at (212) 451-9668, (877) 370-7703, or jruthizer@wolfpopper.com.

Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm's website at www.wolfpopper.com.

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Wolf Popper LLP
Joshua W. Ruthizer
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9668
Tel.: (877) 370-7703
Email: jruthizer@wolfpopper.com

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