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  5. US Securities Regulator Sues Elon Musk Over Alleged Failure to Disclose Early Twitter Stock Purchase

US Securities Regulator Sues Elon Musk Over Alleged Failure to Disclose Early Twitter Stock Purchase

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The US Securities and Exchange Commission (SEC) is suing Elon Musk for allegedly failing to promptly disclose his stake in Twitter before acquiring the social media platform. Musk's failure to file a timely beneficial ownership report allowed him to buy shares at artificially low prices, saving him $150 million. Musk's attorney denies the allegations, calling the filing a sham that was part of a multi-year harassment campaign. The SEC alleges that Musk did not disclose his 5% stake in Twitter until 11 days after the report was due.

  1. US
    US Securities and Exchange Commission
    1. In total, Musk underpaid Twitter investors by more than $150 million for his purchases of Twitter common stock during this period. Investors who sold Twitter common stock during this period did so at artificially low prices and thus suffered substantial economic harm.
    2. That day, Twitter's stock price increased more than 27% over its previous day's closing price.
    3. Because Musk failed to timely disclose his beneficial ownership, he was able to make these purchases from the unsuspecting public at artificially low prices, which did not yet reflect the undisclosed material information of Musk's beneficial ownership of more than five percent of Twitter common stock and investment purpose.
  2. US
    Alex Spiro
    1. Mr Musk has done nothing wrong and everyone sees this sham for what it is.
    2. Today's action is an admission by the SEC that...they cannot bring an actual case.
  3. US
    Elon Musk
    SpaceX
    1. They spend their time on shit like this when there are so many actual crimes that go unpunished.

Elon Musk's Twitter Buyout

  1. Elon Musk sells X to xAI
  2. Elon Musk's X experiences significant outages amid user exodus to Bluesky alternative
  3. The Guardian stops posting on Elon Musk's X

sources

  1. 1.France 24
  2. 2.Le Monde
  3. 3.The Guardian
  4. 4.BBC
  5. 5.Al Jazeera
  6. 6.The Times
  7. 7.Agence France-Presse

perspectives

  1. 1.Tech industry
  2. 2.Social Media
  3. 3.Freedom of Speech
  4. 4.News media
  5. 5.Billionaire
  6. 6.Artificial Intelligence
  7. 7.Twitter Takeover by Elon Musk
  8. 8.Advertising Industry

countries

  1. 1.United StatesUS

organizations

  1. 1.Twitter/XUS
  2. 2.TeslaUS
  3. 3.US Securities and Exchange CommissionUS
  4. 4.SpaceXUS
  5. 5.TechScape
  6. 6.US District Court
  7. 7.White HouseUS

persons

  1. 1.Elon MuskUS
  2. 2.Alex SpiroUS
  3. 3.Donald TrumpUS
  4. 4.Gary Gensler
  5. 5.Paul Atkins
  6. 6.Kimbal MuskUS