SEC sues Elon Musk for late disclosure of Twitter stake, alleging he underpaid by $150M.
The SEC has filed a lawsuit against Elon Musk, alleging he failed to timely disclose his purchase of more than 5% of Twitter's shares in 2022, which allowed him to underpay by at least $150 million. Musk disclosed his ownership 11 days after the required 10-day deadline, leading to Twitter's stock price rising 27% post-disclosure. The SEC seeks to impose a civil fine and recover any ill-gotten profits. Musk's lawyer claims the lawsuit is baseless.
3 months ago
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