Elon Musk's twitter account is seen on a smartphone in front of the Twitter logo in this photo illustration

Elon Musk sued by Twitter investors for ‘market manipulation’, ASX tracks Wall St higher

Australian stocks jumped Friday after a wave across Wall Street, as Twitter shareholders sued billionaire Elon Musk, accusing him of manipulating the company’s stock price.

The ASX 200 index was up 1.1 percent to 7,184 points at 10:20 a.m. AEST.

All sectors traded higher, with consumer discretionary and technology posting the strongest gains.

Shares of Macquarie Group (+2.2pc), AMP (+2pc), Domain (+1.8pc), Rio Tinto (+1.5pc) and BHP (+1.5pc) have surged in morning trading.

The Australian dollar was slightly higher at 71.1 cents.

In local news, Telstra has paid $11 million to more than 67,000 customers for taking too long to connect or repairing landlines and not shouldering the cost.

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

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

Spot gold fell marginally to $1,849.65 an ounce.

‘Market manipulation’

In their court files, the Twitter investors claimed that Elon Musk saved himself $156 million by failing to disclose that he had bought more than 5 percent of Twitter on March 14.

The allegation is that Mr. Musk continued to buy stock afterward and, 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.

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