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Elon Musk is being sued by the feds over the way he bought Twitter
The SEC alleges that Musk broke securities laws.
Before Musk agreed to buy Twitter for $44 billion, before he tried to back out of that deal, before he was forced to go through with it, and before he changed its name to X, he started by acquiring a substantial stake in the company but didn’t reveal that fact until weeks later. However, with only a few days left before the Trump administration takes over and installs a new head of the SEC (along with Elon Musk reportedly snagging an office in the White House complex), it’s unclear how far the lawsuit will go. Its lawsuit is seeking the money Elon made as a result of holding off on the disclosure, as well as a civil penalty and other punishments.
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