• 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

a year 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

Hong Kong Targets Growth in Gold and Commodities Trading

chest

Hong Kong aims to become a major gold trading and storage center in Asia, with plans to expand its gold storage capacity and strengthen ties with mainland facilities.

user avatarDavid Robinson

PENGU Approaches Critical Support Level Amid Market Uncertainty

chest

PENGU is at a decisive technical zone after a prolonged downtrend, with price action compressing around a key support level.

user avatarAndrew Smith

Hong Kong Plans Major Stock Market Reforms for 2026

chest

Hong Kong is set to implement significant reforms in its stock market by 2026, aiming to attract global and mainland companies.

user avatarMaria Gutierrez

Transportation Costs Add to Financial Strain for Lagos Professionals

chest

The report highlights the significant transportation costs faced by young professionals in Lagos, further complicating their financial independence.

user avatarAyman Ben Youssef

Rising Living Costs in Lagos: Housing and Food Expenses

chest

Cowrywise's report highlights the increasing housing and food costs for young professionals in Lagos, making financial independence difficult.

user avatarSon Min-ho

Financial Independence in Lagos Requires Minimum Income of 500,000 Naira

chest

A new report by Cowrywise reveals that young professionals in Lagos need at least 500,000 Naira monthly to achieve financial independence.

user avatarJacob Williams

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.