The SEC sued Musk for failing to disclose the purchase of Twitter shares and spending $150 million less

0xc8d08ee81e567d55ab05cbf3695d3e4af34bae45@newsletter.paragraph.com (Untitled) — Wed, 15 Jan 2025 12:02:52 GMT

The SEC filed a lawsuit in federal court in Washington, D.C., on Tuesday against Musk for alleged securities violations, which the SEC said violated federal securities laws by buying more than 9% of Twitter's common stock in March 2022 but failing to disclose relevant information in a timely manner. After a delay of 11 days, Musk publicly disclosed his beneficial ownership in a report filed with the SEC on April 4, 2022. The delay allowed Musk to continue buying Twitter stock at an artificially low price, spending at least $150 million less. On April 4, 2022, Twitter's stock price rose more than 27% from the previous day's closing price. Musk's lawyer responded that Musk had done nothing wrong and that the lawsuit was "a farce."

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0xc8d08ee81e567d55ab05cbf3695d3e4af34bae45@newsletter.paragraph.com (Untitled) — Thu, 05 Oct 2023 06:43:38 GMT

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