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SEC sues Elon Musk for allegedly failing to disclose Twitter acquisition on time

The Securities and Exchange Commission filed a lawsuit against Elon Musk on Tuesday over an alleged securities violation relating to his acquisition of

The SEC alleges Musk waited to disclose the acquisition in order to build up a larger position in Twitter at a discounted price. In its complaint, the SEC proposed Musk should return the profits he reaped unjustly, and pay an additional civil penalty. Musk’s lawyer, Alex Spiro, called this complaint an “admission” that the SEC cannot bring an “actual case,” in a statement to Bloomberg on Tuesday.

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