• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Elon Musk and the SEC Case: Unreported X Corp. Stock Ownership

user avatar

by Giorgi Kostiuk

6 months ago


The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of failing to timely disclose his ownership stake in X Corp.

Disclosure Failure

The SEC claims that Musk failed to file a report about his ownership of X Corp. shares within the required 10 days after his stake surpassed 5%. Musk reported his holdings only on April 4, 2022, 11 days late, allowing him to purchase shares at artificially low prices, causing investors a loss of approximately $150 million.

Musk's Response to the Suit

On January 15, Musk responded to the suit with a post on X, calling the SEC a 'completely broken organization.' Musk's lawyer, Alex Spiro, stated that the SEC's actions reveal their inability to make a legitimate case.

SEC's Stance

The SEC filed the lawsuit in a Washington D.C. federal court, arguing that the delay in informing the public allowed Musk to buy shares at undervalued prices, without reflecting the importance of his ownership stake.

The case between Musk and the SEC raises critical questions about the necessity and impact of timely disclosure of stock ownership, particularly when large market players are involved.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

New Opportunities in the Meme Cryptocurrency Market: Troller Cat Gaining Popularity

chest

Exploring the rise of Troller Cat amid shifts in meme cryptocurrencies and the current status of Shiba Inu and Pepe.

user avatarGiorgi Kostiuk

Bit Digital Makes $67.3 Million Ethereum Purchase, Strengthening Its Holdings

chest

Bit Digital invests $67.3 million in Ethereum, raising total holdings to nearly 120,306 coins.

user avatarGiorgi Kostiuk

Block Inc. Joins S&P 500, Replacing Hess Corp.

chest

Block Inc. will replace Hess Corp. in the S&P 500, potentially impacting Bitcoin's acceptance by institutional investors.

user avatarGiorgi Kostiuk

XRP Sets New Record Following Legislative Changes

chest

XRP hit $3.66, surpassing previous records due to increased investor interest and the expected signing of the GENIUS Act.

user avatarGiorgi Kostiuk

MEI Pharma and Litecoin: New $100 Million Treasury Strategy

chest

MEI Pharma has announced a $100 million treasury strategy with Litecoin, led by Litecoin creator Charlie Lee. Market reaction was volatile.

user avatarGiorgi Kostiuk

Merkel Urges for a Cohesive EU Response to US Tariffs

chest

Merkel calls for EU unity in response to US tariffs that may disrupt trade chains.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.