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SEC lawsuit claims Musk gained over $150 million by delaying Twitter stake disclosure
The Securities and Exchange Commission has sued Elon Musk over his delayed disclosure of the Twitter stock he amassed before announcing his intention to acquire the company in 2022.
After a more than two-year investigation, the Securities and Exchange Commission has sued Elon Musk over his delayed disclosure of the Twitter stock he amassed before announcing his intention to acquire the company in 2022. During the period that Musk was required to publicly disclose his beneficial ownership but had failed to do so, he spent more than $500 million purchasing additional shares of Twitter common stock. Investors who sold Twitter common stock during this period did so at artificially low prices and thus suffered substantial economic harm.
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