Ari Levy is CNBC's senior technology reporter in San Francisco. He joined in June 2014.
The SEC filed a lawsuit against Elon Musk on Tuesday, alleging the billionaire committed securities fraud in 2022 by failing to disclose he had amassed an active stake in Twitter, a secrecy that allowed him to buy shares at “artificially low prices.” Musk, who is also CEO of Tesla and SpaceX, purchased Twitter for $44 billion in late 2022 and changed the name to X the following year.
In a separate civil lawsuit concerning the Twitter deal, the Oklahoma Firefighters Pension and Retirement System sued Musk in 2022, accusing him of deliberately concealing his progressive investments in the social network and intent to buy the company. The pension fund’s attorneys argued that Musk, by failing to clearly disclose his investments, had influenced other shareholders’ decisions and put them at a disadvantage. That case, Rasella v.
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SEC Sues Elon Musk for Securities Fraud in Twitter AcquisitionThe Securities and Exchange Commission (SEC) accuses Elon Musk of violating securities law by concealing his Twitter stake and purchasing shares at artificially low prices, resulting in an alleged underpayment to shareholders of over $150 million. Musk's lawyer counters that the lawsuit is baseless and part of a harassment campaign by the SEC.
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SEC Sues Elon Musk for Alleged Late Disclosure of Twitter StakeThe Securities and Exchange Commission (SEC) has sued Elon Musk for allegedly failing to disclose his ownership stake in Twitter in a timely manner before purchasing the social media platform in 2022. Regulators claim Musk's non-compliance with disclosure rules allowed him to purchase shares at a lower price. Musk's attorney argues the SEC's case is a 'single-count ticky tak complaint' with a 'nominal penalty'.
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SEC Sues Elon Musk for Twitter Acquisition Securities FraudThe Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, alleging that he violated securities law by acquiring Twitter shares at 'artificially low prices.' The SEC claims Musk concealed his growing stake in Twitter, exceeding 5% ownership, which would have required public disclosure. This allowed him to purchase shares at a lower price, underpaying shareholders by at least $150 million, according to the SEC.
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SEC Sues Elon Musk for Alleged Securities Fraud in Twitter AcquisitionThe SEC accuses Elon Musk of illegally acquiring Twitter shares at artificially low prices by delaying the public disclosure of his significant ownership stake.
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Musk Pushes for Elon Musk as Speaker of the House Amid Republican Spending Bill FalloutElon Musk has publicly advocated for his own appointment as Speaker of the House, capitalizing on the recent collapse of a Republican-led spending bill. The bill, criticized for excessive earmarks and mishandled negotiations, sparked outrage among Republican lawmakers, leading to calls for House Speaker Mike Johnson's removal. Musk's suggestion, while seemingly outlandish, reflects the deep dissatisfaction within the Republican party and the potential for significant upheaval in House leadership.
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Elon Musk Feud with Keith Olbermann over 'President Musk' ClaimsFormer MSNBC host Keith Olbermann engages in a public debate with Elon Musk on social media platform X. Olbermann questions the public's perception of Musk as a potential 'President Musk,' highlighting media reports using the term. He confronts New Yorkers about the reports, while others express skepticism and distrust towards both government and mainstream media.
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