The U.S. Securities and Exchange Commission has filed a lawsuit against Elon Musk, alleging that his acquisition of Twitter shares in 2022 violated securities laws. The SEC claims that Musk failed to timely disclose his ownership stake, allowing him to purchase shares at lower prices.
The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk , alleging that his acquisition of Twitter shares in 2022 was conducted with violations of securities laws. The SEC's filing, published on Tuesday, states that Musk failed to timely submit a beneficial ownership report disclosing his acquisition of over five percent of Twitter's outstanding common stock in March 2022.
\The agency asserts that this omission allowed Musk, the world's richest man and a close associate of former President Donald Trump, to continue purchasing shares at artificially low prices. According to the SEC, this practice enabled Musk to underpay by at least $150 million for shares acquired after the due date for his beneficial ownership report. \Musk's tenure at the social media platform, now rebranded as X, has been characterized by numerous controversies, resulting in various legal actions initiated by investors, former employees, and companies with contracts with Twitter. For instance, shareholders have filed a lawsuit against Musk, accusing him of disclosing his five percent stake in Twitter past the SEC-mandated deadline
ELON MUSK TWITTER SEC LAWSUIT SECURITIES VIOLATIONS
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