🇺🇸 US Government Sues Elon Musk Over Alleged Securities Violations in Twitter Stock Acquisition
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of failing to disclose his ownership of Twitter stock and later acquiring shares at “artificially low prices,” disadvantaging other shareholders.
Filed late Tuesday in Washington, D.C. federal court, the suit alleges that Musk violated securities laws by not disclosing his acquisition of a 5% stake in Twitter in a timely manner. This delay reportedly allowed him to underpay by at least $150 million for shares purchased after his ownership disclosure was due.
Alex Spiro, Musk’s attorney, dismissed the allegations, telling Bloomberg that the SEC’s lawsuit is “an admission” of the agency’s lack of a valid case. He added that Musk “has done nothing wrong, and everyone sees this sham for what it is.”
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The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of failing to disclose his ownership of Twitter stock and later acquiring shares at “artificially low prices,” disadvantaging other shareholders.
Filed late Tuesday in Washington, D.C. federal court, the suit alleges that Musk violated securities laws by not disclosing his acquisition of a 5% stake in Twitter in a timely manner. This delay reportedly allowed him to underpay by at least $150 million for shares purchased after his ownership disclosure was due.
Alex Spiro, Musk’s attorney, dismissed the allegations, telling Bloomberg that the SEC’s lawsuit is “an admission” of the agency’s lack of a valid case. He added that Musk “has done nothing wrong, and everyone sees this sham for what it is.”