SEC Sues Elon Musk for Late Disclosure of Twitter Stake
The SEC alleges Elon Musk failed to timely disclose his ownership of Twitter stock, allowing him to underpay investors by over $150 million.
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Overview
The U.S. Securities and Exchange Commission has sued Elon Musk, claiming he failed to disclose owning over 5% of Twitter in 2022, resulting in at least $150 million owed to investors. Musk disclosed his stake 11 days late, allowing him to purchase shares at artificially low prices. Musk's legal team labeled the lawsuit as baseless, while tensions between him and the SEC continue. The case arrives as SEC Chair is set to step down, and amid Musk's ongoing relationship with the incoming Trump administration, which may influence the lawsuit's future.
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