Twitter investors sued Elon Musk for ‘market manipulation’, and ASX follows Wall Street higher

Australian shares are set to rise on Friday, after a rally on Wall Street, while Twitter shareholders filed a lawsuit against billionaire Elon Musk, accusing him of manipulating the company’s share price.

ASX futures jumped 1 percent to 7,176 points by 9:00 AM ET.

The Australian dollar settled at 71 US cents.

In local news, Telstra paid more than 67,000 customers $11 million because they took too long to connect or repair landline services and didn’t absorb the cost itself.

Overnight in New York, the S&P 500 index rose 2 percent to close at 4,058 points. The Nasdaq Composite Index rose 2.6 percent, to 11,740, while the Dow Jones rose 1.6 percent, to 32,640.

In the oil markets, Brent crude futures jumped 3.2 percent to $117.62 a barrel.

The spot price of gold fell slightly to $1849.65 an ounce.

‘market manipulation’

In court filings, Twitter investors alleged that Elon Musk saved himself $156 million by not disclosing that he had bought more than 5 percent of Twitter by March 14.

The allegation that Musk continued to buy shares after that, eventually, revealed in early April that he owned 9.2 percent of the company, according to the lawsuit filed Wednesday, local time, in San Francisco federal court.

published And updated

Leave a Comment