• 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

Joseph Lubin's Wallet Moves 80,001 ETH, Sparking Market Panic

chest

A wallet linked to Ethereum cofounder Joseph Lubin has moved 80,001 ETH for the first time in over three years, causing market concern.

user avatarMaya Lundqvist

Whales React to Market Conditions Amid ETH Transfers

chest

In the wake of significant ETH transfers, various crypto whales are displaying contrasting strategies, with some selling and others buying back into the market.

user avatarLeo van der Veen

Ethereum Experiences Significant Price Drop Below $1,800

chest

Ethereum's price has recently crashed below the $1,800 mark, reaching a low of $1,536, raising concerns among investors about its future performance.

user avatarAisha Farooq

Ethereum's RSI Reaches Lowest Point Since 2015

chest

Ethereum's monthly RSI has dropped to around 40, its lowest since 2015, following a price crash below $1,800, raising speculation about potential future price movements.

user avatarLi Weicheng

Dormant SHIB Wallet Reactivated, Transferring Billions of Tokens

chest

A long-dormant Shiba Inu wallet has been reactivated, transferring nearly 400 billion tokens, raising questions about market implications.

user avatarTenzin Dorje

Shiba Inu Futures Positions Liquidated Amid Market Turmoil

chest

Over 382,000 Shiba Inu futures positions were liquidated in a single day, primarily impacting long traders.

user avatarBayarjavkhlan Ganbaatar

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.