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SEC sues Elon Musk, alleging failure to properly disclose Twitter ownership

The U.S. Securities and Exchange Commission has filed a lawsuit against Elon Musk for failing to disclose his ownership of more than 5% of Twitter shares in a timely manner.
The SEC alleges that Musk's delay allowed him to save $150 million by purchasing shares at artificially low prices.
The lawsuit seeks to have Musk return unjust profits and pay a civil fine for his violation of disclosure rules.
In response, Musk criticized the SEC as a 'totally broken organization' and claimed they are focusing on the wrong issues.

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Corriere Della Sera

The authority against Elon Musk on Twitter. And he immediately plays the persecuted

The SEC opened a lawsuit three years after the events: it deceived the shareholders. But he risks an own goal

2 months ago·Italy

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Independent Sentinel

Gensler's Weaponized SEC Threatens & Tries to Extort Musk Again

The SEC is suing Elon Musk for failing to disclose his purchase of more than 5% of Twitter before the legal deadline. They claim it allowed him to keep purchasing at a discounted price. However, everyone knew at the time that he overpaid. It was overpriced and had slews of fake or duplicate posters. Mr. […] The post Gensler’s Weaponized SEC Threatens & Tries to Extort Musk Again appeared first on www.independentsentinel.com.

2 months ago

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GB News

Elon Musk sued by US markets watchdog over buying Twitter shares at artificially low prices

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, alleging he failed to properly disclose his ownership of Twitter shares in 2022, allowing him to purchase stock at "artificially low prices".The markets watchdog claims Musk underpaid other shareholders by at least $150million when acquiring shares before his eventual $44billion takeover of the social media platform.The lawsuit, filed in a Washington DC federa…

2 months ago·London, United Kingdom

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realnewsnow.com

SEC Sues Elon Musk over Undisclosed Twitter Stock Acquisition - Real News Now

On Tuesday, a lawsuit was filed by the Securities and Exchange Commission (SEC) against techno-industrial mogul Elon Musk. This legal action argues that Musk, the newfound owner of X, fell short of adequately disclosing his accumulation of Twitter shares ahead of his 2022 takeover. The lawsuit, lodged in a federal courthouse situated in Washington, D.C., insists Musk was obligated to share a ‘beneficial ownership’ form with the SEC, revealing hi…

2 months ago

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Legal Reader

SEC Files Lawsuit Over Elon Musk's 2022 Acquisition of Twitter Stock - Legal Reader

The Securities and Exchange Commission has filed a lawsuit against Elon Musk, claiming that the multibillionaire violated federal law by failing to disclose the acquisition of Twitter stock.

2 months ago

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Semafor

US finance watchdog SEC faces potential dilemmas over Musk, crypto suits

The NewsAs the transition from the Biden presidency to the incoming Trump administration comes to a close, one of the country’s top financial watchdogs is in the spotlight.In one of its last acts under US President Joe Biden, the Securities and Exchange Commission on Tuesday sued billionaire Elon Musk for failing to properly disclose shares he had amassed in Twitter before he ultimately bought the platform in 2022.That lawsuit and other ongoing …

2 months ago·New York, United States

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