On July 8th, according to Reuters, Tesla CEO Musk hopes to dismiss a lawsuit filed by former Twitter shareholders, which accuses Musk of delaying the disclosure of his substantial holdings in Twitter in early 2022. Investors participating in the class action lawsuit stated that Musk and his wealth management officer, Jared Birchall, knew about the regulations of the U.S. Securities and Exchange Commission (SEC), which required Musk to disclose information on his holding of more than 5% of Twitter's shares before March 24, 2022. However, Musk delayed the disclosure by 11 days. Investors stated that this allowed Musk to purchase more stocks at a lower price, saving more than 0.2 billion dollars. After Musk disclosed that he held 9.2% of Twitter's shares on April 4, 2022, Twitter's stock price rose 27%. In documents submitted to the Manhattan Federal Court, Musk stated that he had originally intended to disclose his holdings of Twitter shares by the end of 2022, but immediately made the disclosure upon realizing that he had misunderstood the disclosure rules of the U.S. Securities and Exchange Commission. Musk also denied investors' claims that an unnamed Morgan Stanley banker helped develop a trading strategy to purchase large amounts of Twitter stock without attracting market attention.