The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against billionaire Elon Musk, alleging that he failed to disclose his ownership of Twitter stock in a timely manner in early 2022. The SEC claims Musk's delayed disclosure allowed him to underpay for shares he bought after he should have reported owning more than 5% of Twitter.
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The U.S. Securities and Exchange Commission has sued billionaire Elon Musk, saying he failed to disclose his ownership of Twitter stock in a timely manner in early 2022, before buying the social media site.
ELON MUSK TWITTER SEC STOCK DISCLOSURE LAWSUIT
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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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SEC sues Elon Musk, alleging failure to properly disclose Twitter ownershipAri Levy is CNBC's senior technology reporter in San Francisco. He joined in June 2014.
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SEC sues Elon Musk, saying he didn't disclose Twitter ownership on time before buying itThe U.S. Securities and Exchange Commission has sued billionaire Elon Musk, saying he failed to disclose his ownership of Twitter stock in a timely manner in early 2022, before buying the social media site.
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