US government sues Elon Musk for allegedly failing to disclose Twitter stock ownership !!
US Government Sues Elon Musk Over Twitter Stock Ownership Disclosure
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of failing to disclose his ownership of more than 5% of Twitter shares in a timely manner in early 2022. The SEC alleges that this delay allowed Musk to save at least $150 million when purchasing additional shares. Musk started acquiring Twitter shares in early 2022 and surpassed the 5% threshold in March but only disclosed it on April 4, 11 days past the legal deadline.
Musk signed a deal to buy Twitter (now renamed X) in April 2022 but later attempted to withdraw, prompting Twitter to sue and force the acquisition. The SEC began investigating Musk's stock purchases and filings in April 2022 and has since pursued legal action, including attempts to compel Musk to testify.
The lawsuit comes as SEC Chair Gary Gensler prepares to step down on January 20, leaving uncertainty about the case's future under the new administration. Representatives for Musk and X have not commented on the lawsuit.
Musk officially acquired Twitter in October 2022, making significant changes to the platform, including rebranding it as X.
US Government Sues Elon Musk Over Twitter Stock Ownership Disclosure
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of failing to disclose his ownership of more than 5% of Twitter shares in a timely manner in early 2022. The SEC alleges that this delay allowed Musk to save at least $150 million when purchasing additional shares. Musk started acquiring Twitter shares in early 2022 and surpassed the 5% threshold in March but only disclosed it on April 4, 11 days past the legal deadline.
Musk signed a deal to buy Twitter (now renamed X) in April 2022 but later attempted to withdraw, prompting Twitter to sue and force the acquisition. The SEC began investigating Musk's stock purchases and filings in April 2022 and has since pursued legal action, including attempts to compel Musk to testify.
The lawsuit comes as SEC Chair Gary Gensler prepares to step down on January 20, leaving uncertainty about the case's future under the new administration. Representatives for Musk and X have not commented on the lawsuit.
Musk officially acquired Twitter in October 2022, making significant changes to the platform, including rebranding it as X.