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

Elon Musk in Court: Delay in Disclosing Twitter Stake Leads to SEC Lawsuit

user avatar

by Giorgi Kostiuk

a year ago

The SEC has filed a lawsuit against Elon Musk for allegedly violating federal securities laws by delaying the disclosure of his stake in Twitter.

Allegations of Delayed Disclosure

Filed in a Washington D.C. federal court, the lawsuit accuses Musk of failing to disclose his purchase of over 5% of Twitter shares within the required 10-day period. Musk disclosed his 9.2% stake only on April 4, 2022, which the SEC claims enabled him to acquire over $500 million worth of Twitter shares at discounted prices.

Investors must report stakes within 10 calendar days of surpassing the 5% threshold.

Financial Impact and Investor Consequences

The SEC contends that Musk's delay harmed other investors by preventing them from making informed decisions about Twitter's stock. The SEC claims that Musk underpaid by at least $150 million for shares purchased after the filing deadline.

Musk's Response and Criticism of the SEC

Elon Musk called the SEC a "totally broken" organization. His legal team, led by Alex Spiro, argues that the lawsuit represents a "multi-year campaign of harassment" and if proven carries a nominal penalty.

"It is merely an administrative failure to file a single form," said Alex Spiro, Musk's attorney.

Musk's ongoing feud with the SEC continues. If the SEC wins, Musk may face civil penalties, including fines and possible disgorgement of profits.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Strategy Inc Faces Major Financial Loss Due to Bitcoin Volatility

chest

Strategy Inc is expected to report a significant multibillion-dollar loss in Q3 due to Bitcoin's price correction and new accounting standards.

user avatarRajesh Kumar

BNB Chain Announces Fermi Hard Fork Scheduled for 2026

chest

BNB Chain has officially announced that the Fermi Hard Fork is scheduled for January 14, 2026. This upgrade aims to improve transaction confirmation speed, enhancing the overall efficiency of the BNB Chain.

user avatarMiguel Rodriguez

APEMARS Whitelist Launches Amidst Growing Meme Coin Buzz

chest

The APEMARS whitelist is now live, providing early access to APRZ tokens at a low Stage 1 price as community momentum builds.

user avatarLuis Flores

Developer Commitment Drives Altcoin Resilience in Bear Markets

chest

Active development during bear markets is crucial for altcoin resilience. Projects that continue to innovate and expand their ecosystems are better positioned to succeed when market conditions improve.

user avatarMaria Gutierrez

Sustainable Tokenomics Enhance Altcoin Survival in Bear Markets

chest

Sustainable tokenomics play a vital role in the survival of altcoins during bear markets.

user avatarDavid Robinson

Hyperscale Data Unveils Bitcoin Holdings and Future Acquisition Plans

chest

Hyperscale Data, Inc. has disclosed its Bitcoin holdings and future acquisition plans through its subsidiary Sentinum, which holds approximately 5,198,687 Bitcoin and has allocated $305 million for further purchases.

user avatarAndrew Smith

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.