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The events in question stem from his 2022 purchase. The Tesla and SpaceX CEO is accused of failing to disclose ownership of a significant amount of stock in Twitter before he bought the company. Musk’s inability to promptly provide this information was allegedly a rule violation.
company shares at “artificially low prices.” The SEC claimed that Musk underpaid by approximately $150 million for stock shares he bought “after he should have disclosed his ownership of more than 5% of Twitter’s shares,” the“Musk paid significantly less for the shares of Twitter common stock he purchased between March 25, 2022, and April 1, 2022, than if he had timely disclosed,” the suit claimed.
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SEC Sues Elon Musk Over Delayed Twitter Stock DisclosureThe U.S. Securities and Exchange Commission (SEC) has sued Elon Musk, owner of X (formerly Twitter), for failing to disclose his Twitter stock purchases in a timely manner in 2022. The SEC alleges that Musk's delay allowed him to buy shares at an artificially low price, underpaying by $150 million.
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SEC Sues Elon Musk for Failing to Disclose Twitter Stock OwnershipThe U.S. Securities and Exchange Commission (SEC) alleges that Elon Musk violated securities laws by not disclosing his ownership of Twitter stock in a timely manner before purchasing the platform. The SEC claims that Musk's delayed disclosure allowed him to underpay by at least $150 million for shares he bought after he should have publicly acknowledged owning more than 5% of Twitter. The lawsuit stems from an investigation initiated by the SEC in April 2022 into Musk's Twitter stock purchases and related statements.
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SEC Sues Elon Musk for Twitter Stock Acquisition DelayThe US Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk for allegedly failing to disclose his acquisition of more than 5% of Twitter stock within the required 10-day timeframe. The SEC alleges that this delay allowed Musk to purchase shares at artificially low prices, underpaying by at least $150 million.
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SEC Sues Elon Musk for Failing to Disclose Twitter Stock OwnershipThe Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, alleging that he failed to timely disclose his ownership of Twitter stock in early 2022 before acquiring the social media platform. The SEC claims this allowed Musk to underpay for shares by at least $150 million. Musk, who bought Twitter in October 2022 and renamed it X, is accused of not disclosing his ownership stake of over 5% until April 4, 2022, eleven days after the deadline. The lawsuit also stems from Musk's attempt to back out of the acquisition deal in April 2022, prompting Twitter to sue him. The SEC initiated an investigation into Musk's Twitter stock purchases and related statements in April 2022, before filing the lawsuit. It is unclear if the new administration will continue the lawsuit after the current SEC chair, Gary Gensler, steps down in January 2024.
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SEC Sues Elon Musk Over Alleged Twitter Stock ManipulationThe U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, alleging he violated securities law by acquiring Twitter shares at 'artificially low prices.' The SEC claims Musk failed to disclose his growing stake in Twitter, exceeding 5% ownership, within the required 10-day timeframe. Musk allegedly purchased over $500 million worth of shares during this period, benefiting from the lack of public knowledge about his investments. The SEC estimates Musk underpaid Twitter shareholders by over $150 million.
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SEC Sues Elon Musk for Failing to Disclose Twitter Stock OwnershipThe 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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