Twitter shareholders sued Musk over stock 'manipulation' and failing to disclose stake buildup

• Musk received second lawsuit over delay in disclosing his stake buildup in Twitter

• SEC has also triggered a probe as Musk failed to reveal his 5% stake in Twitter before buying another 4.2% stake

A group of Twitter Inc (NYSE: TWTR) shareholders sued billionaire Elon Musk over not disclosing his stake in the social media company properly.

The lawsuit, filed on Wednesday in San Francisco federal court, claimed Musk manipulated Twitter’s stock by not disclosing that he had purchased more than a 5% stake in the microblogging platform by March 14.