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Elon Musk’s acquisition of Twitter has led to a federal lawsuit By the Securities and Exchange Commission Alleging that he violated securities laws with a late disclosure, saving $150 million in the process.
Before touching Agreed To buy Twitter for $44 billion, before he tried to back out of that deal, before he had to go through with it, and before he changed his name to X, he started with Get a big share In the company, but she did not reveal this fact until weeks later.
The only problem, As the Securities and Exchange Commission noted at the timeis that by the time he disclosed this quota, it was outside the agency’s required 10-day period. They claim he should have submitted his papers by March 24, 2022, instead of the date he had already submitted. On April 4th (Then again On April 5). They say that during that period he bought more than $500 million in company stock.
However, there are only a few days left before the Trump administration takes office and appoints a new SEC chair (along with Elon Musk). Reportedly tearing up an office At the White House complex), it is not clear how far the lawsuit will go.
The SEC alleges that Musk cost investors at least $150 million due to the late disclosure and that he harmed any investors who sold shares between March 25, 2022, and April 1, 2022. The lawsuit seeks to recover money Elon raised as a result of the delay. on disclosure, as well as a civil penalty and other penalties.
