• 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

3 months 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.

0

Share

Other news

Binance Scandal: Effects on Tokens and Market

Crypto market shaken by Binance scandal: price drops and liquidations ensue.

user avatarGiorgi Kostiuk

a few seconds ago

Why Qubetics Leads the Crypto Presale Race

Crypto project Qubetics draws attention in presales with high investment and innovative tech. Learn what sets it apart in the crypto world.

user avatarGiorgi Kostiuk

9 minutes ago

Pi Coin: Price Drop and Community Reaction

Pi Coin drops to $0.70 due to token unlocks and low trading volume, raising community concerns.

user avatarGiorgi Kostiuk

9 minutes ago

Dogecoin: Will the Price Exceed $0.25 or Drop to $0.12?

Dogecoin community worried by market instability and declining investor confidence; key support and resistance levels at $0.18 and $0.25.

user avatarGiorgi Kostiuk

9 minutes ago

Crypto Market: Bitcoin's Growth and Altcoin Value Changes

Explore today's crypto market landscape with Bitcoin's rise and altcoin shifts amidst ongoing instability.

user avatarGiorgi Kostiuk

10 minutes ago

Calming the Kaspa Community: Analyzing the MEXC Situation

Kaspa withdrawal issues on MEXC: technical reasons and community response

user avatarGiorgi Kostiuk

10 minutes ago

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.