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

SEC Sues Elon Musk for Delay in Twitter Stock Disclosure

user avatar

by Giorgi Kostiuk

10 months ago

The Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, alleging that the billionaire delayed disclosing his acquisition of Twitter Inc. shares.

SEC Lawsuit Against Musk

The case, titled *Securities and Exchange Commission v. Musk*, is docketed in the U.S. District Court for the District of Columbia. The complaint alleges that Musk intentionally missed the deadline to disclose his acquisition of more than a 5% stake in Twitter early in 2022.

Allegations of Twitter Stock Manipulation

The SEC claims Musk delayed disclosure to buy Twitter shares at artificially low prices, resulting in an underpayment of at least $150 million. By March 2022, Musk held more than 9% of Twitter's stock. Federal securities law required him to disclose this within 10 days, but his filing was delayed by 11 days.

The SEC’s multi-year campaign of harassment against Mr. Musk culminates in this filing of a single-count, administrative complaint under Section 13(d) for allegedly failing to submit one form—a procedural issue that, even if substantiated, would result in a nominal penalty.Alex Spiro

Penalties and Musk's Political Ties

The SEC seeks court-ordered penalties against Musk, including the repayment of profits deemed to be unjustly acquired. Musk is also facing investor lawsuits accusing him of concealing his Twitter stock acquisition. Additionally, Musk has gained political prominence as a supporter and advisor to Donald Trump.

The SEC's legal actions against Elon Musk add another chapter to his complex relationship with regulatory entities and political figures, raising questions about his business practices and political ties.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Amundi's Tokenized Share Class Launch Fuels RWA Tokenization Growth

chest

Amundi's recent launch of a tokenized share class aligns with the significant expansion of real-world asset (RWA) tokenization, which has seen its market cap grow substantially.

user avatarAndrew Smith

Amundi's Tokenized Fund Model Preserves Traditional Fund Structure

chest

Amundi has introduced a tokenized share class that adds a new distribution route without altering the traditional structure of its money market fund.

user avatarJacob Williams

Amundi Selects Ethereum for Enhanced Transparency in Tokenized Fund

chest

Amundi has chosen Ethereum as the public ledger for its newly launched tokenized share class, citing advantages such as transparent recordkeeping and full transaction traceability.

user avatarZainab Kamara

CryptoEasily Launches Safe Investment Platform for Cryptocurrency Investors

chest

CryptoEasily, a licensed digital asset mining platform based in London, aims to provide a safe and transparent investment environment for users, helping investors achieve stable daily passive income while ensuring asset security.

user avatarAyman Ben Youssef

Upbit Suspends Services Following Major Hack

chest

Upbit suspended all services following a major hack, reimbursed affected users, and faced a $4 million loss.

user avatarSon Min-ho

North Korean Hackers Pose Ongoing Threat to Crypto Infrastructure

chest

North Korean hackers pose a serious threat to cryptocurrency infrastructure, with a 20% infiltration rate among crypto companies, highlighting ongoing vulnerabilities.

user avatarTando Nkube

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.