Elon Musk Faces Multiple Legal Setbacks in US Courts

Elon Musk, the world's richest person and CEO of Tesla and SpaceX, encountered several legal setbacks this week across U.S. federal and state courts, including rulings that advanced investor lawsuits against him and dismissed one of his company's high-profile antitrust claims.

In New York, U.S. District Judge Andrew Carter ruled on March 31 that former Twitter investors could proceed with a class-action lawsuit accusing Musk of defrauding them by delaying disclosure of his initial stake in the company. The investors, led by the Oklahoma Firefighters Pension and Retirement System, alleged Musk waited 11 days past a March 24, 2022, deadline set by the U.S. Securities and Exchange Commission to reveal he owned more than 5 percent of Twitter shares, eventually disclosing a 9.2 percent stake. They claimed the delay allowed Musk to buy additional shares at lower prices, saving him over $200 million, while they sold shares at depressed values during that period. The suit also referenced two tweets from March 26, 2022, in which Musk expressed interest in creating a Twitter rival and responded positively to a suggestion that he buy the platform.

Judge Carter rejected Musk's arguments...