Musk spent about $2.6 billion on Twitter stock — a fraction of his estimated wealth of $265 billion, the largest individual fortune in the world. In a regulatory filing Monday, Musk disclosed he may increase his stake after backing out of an agreement reached last week to join Twitter’s board of directors.
Jacob Walker, one of the lawyers that filed the lawsuit against Musk, told The Associated Press that he hadn’t reached out to the Securities and Exchange Commission about Musk’s alleged violations about the disclosure of his Twitter stake. "I assume the SEC is well aware of what he did," Walker said.Tesla CEO Elon Musk is pictured as he attends the start of the production at Tesla's"Gigafactory" on March 22, 2022 in Gruenheide, southeast of Berlin.
The SEC and Musk have been wrangling in court since 2018 when Musk and Tesla agreed to pay a $40 million fineo settle allegations that he used his Twitter account to mislead investors about a potential buyout of the electric car company that never materialized.
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