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

SEC Accuses Elon Musk of Failing to Disclose Twitter Stock Purchases

user avatar

by Giorgi Kostiuk

2 years ago

Earlier this week, the US Securities and Exchange Commission (SEC) filed a lawsuit against Elon Musk, alleging he violated federal law by not disclosing his stakes in Twitter on time.

Legal Requirements

Under US law, any investor holding more than 5% of a company's stock is required to report this to the SEC within 10 days. Musk was supposed to meet this deadline by March 24, 2022, but the SEC claims he failed to do so, allowing him to continue purchasing shares at lower prices.

Market Implications

Musk's failure to disclose his involvement in Twitter allowed him to buy more company stock at lower prices. This also harmed other shareholders who sold their stocks without knowing the extent of his stake.

Timeline

Elon Musk began actively buying Twitter stock by mid-March 2022, acquiring more than 5% ownership in the company. Between March 25 and April 1, he continued purchasing stocks totaling over $500 million.

The SEC's lawsuit highlights the importance of compliance with disclosure laws to prevent market manipulation and protect investor interests.

chest
chest
chest

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Trump Asserts US Dominance Over Strait of Hormuz Amid Tensions

chest

US President Donald Trump claims total US control over the Strait of Hormuz amid tensions with Iran, despite a significant drop in maritime traffic.

user avatarAndrew Smith

Crypto Market Faces Layoffs and Shifts in Investment Trends

chest

The crypto market is currently facing significant layoffs, with firms like Coinbase and FalconX reducing their workforce. Retail investors are increasingly shifting their focus from cryptocurrencies to sports betting platforms and AI stocks.

user avatarZainab Kamara

Bitwise Asset Management Reduces Staff Amid Market Adjustments

chest

Bitwise Asset Management has reduced its staff by approximately 14 employees, bringing its total workforce to about 155, while maintaining that it is still the largest in the company's history.

user avatarJacob Williams

Arthur Hayes Outlines Yenquake Macro Thesis Impacting Bitcoin

chest

Arthur Hayes proposes a macro thesis called 'Yenquake', suggesting that supporting the Japanese yen could inject dollar liquidity into global markets, potentially benefiting Bitcoin.

user avatarSon Min-ho

Jupiter Introduces Smart Debt Feature to Boost DeFi Efficiency

chest

Jupiter has launched a new feature called Smart Debt through its Jupiter Lend platform, allowing users to deploy borrowed assets into DEX liquidity pools to earn trading fees.

user avatarAyman Ben Youssef

Three Indicators for Bitcoin's Return to $100k

chest

Experts identify three signs that may indicate Bitcoin's potential to reclaim the $100k price level.

user avatarKofi Adjeman

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.