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

Australian shares rose on Friday, following a surge on Wall Street, while Twitter shareholders sued billionaire Elon Musk, accusing him of manipulating the company’s share price.

The ASX 200 index closed 1.1 percent higher at 7,183 points.

The Australian dollar was trading at 71.27 US cents, after a moderate gain of 0.4 percent, at 04:30 pm AEST.

In local news, Telstra has paid more than 67,000 customers $11 million for taking too long to connect or repair fixed-line services and not absorbing the cost itself. The telecommunications company’s share price rose 0.5 percent.

Ten of 11 sectors on the ASX traded higher, with energy and consumer discretionary posting the biggest gains.

Some of the best performing stocks today were Pointsbet (+16.4pc), Paladin Energy (+4.2pc), Liontown Resources (+3.1pc), Pilbara Minerals (+3.6pc), Webjet (+2.4pc) and Flight Center. (+3.1 personal computer).

On the other hand, CSR (-4.7pc), Incitec Pivot (-4.1pc), Champion Iron (-1.2pc), and Nine Entertainment (-1.8pc) suffered heavy losses.

The worst performer was artificial intelligence firm Appen, whose shares fell 20.9 percent. It was after the company said its former suitor Telus International abruptly withdrew its $1.2 billion takeover offer, hours after the proposed purchase was announced.

‘Market manipulation’

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

The allegation is that Musk continued to buy shares after that, eventually revealing 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. .

Aware , updated

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