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SEC sues Musk: Late Twitter disclosure could be expensive!
Elon Musk is being sued by the US Securities and Exchange Commission for failing to timely disclose Twitter stock purchases.
SEC sues Musk: Late Twitter disclosure could be expensive!
Elon Musk is facing a lawsuit from the US Securities and Exchange Commission (SEC) over late disclosure of his stock purchases from Twitter. How Deutschlandfunk reported, Musk is accused of not having announced the acquisition of more than five percent of Twitter shares in a timely manner. This delay is said to have allowed him to purchase Twitter shares at artificially low prices, paying at least $150 million less than necessary.
In the lawsuit, the SEC is demanding a fine against Musk and the return of the ill-gotten gains. Musk's lawyer has firmly rejected the allegations. The tech entrepreneur spent a total of about $44 billion to purchase Twitter, the acquisition of which was completed in October 2022. After the acquisition, he converted the service into his online platform X.
Details about the lawsuit
Additional information about the lawsuit was published in an article Mirror Online published. This highlights the ongoing legal challenges Musk faces, particularly related to his acquisition of Twitter.