SEC Sues Elon Musk for Delay in Twitter Stock Disclosure

user avatar

by Giorgi Kostiuk

2 years 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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Circle Releases Technical Guidance for ERC20 Transfers Using CCTP

Circle has published a developer guide detailing how issuers can utilize its CrossChain Transfer Protocol (CCTP) for ERC20 assets beyond USDC.

user avatarAyman Ben Youssef

Curve Finance Launches StableSwap on Stellar Mainnet

Curve Finance has launched its StableSwap system on the Stellar mainnet, marking its first native deployment outside the Ethereum ecosystem.

user avatarTando Nkube

Ondo Finance Introduces Tokenized Investment Portfolios on Solana

Ondo Finance has launched seven investment portfolio tokens on the Solana blockchain for eligible investors outside the US, providing managed exposure to tokenized equities and ETFs.

user avatarKofi Adjeman

Market Implications of Aave's Tokenized Equity Lending Explored

A case study on the market implications of borrowing against tokenized equities following the launch of Aave's V4s Equities Hub, highlighting market liquidity and associated risks.

user avatarNguyen Van Long

Aave Launches V4s Equities Hub for Non-US Investors

Aave has launched its V4s Equities Hub, allowing eligible non-US investors to borrow USDC against selected tokenized US equities.

user avatarSatoshi Nakamura

Polygon Labs Launches New Payment Controls for AI-Agent Transactions

Polygon Labs has launched new payment controls for AI-agent transactions, allowing automated agents to make purchases within defined parameters while managing associated risks.

user avatarRajesh Kumar

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.