“The US Securities and Exchange Commission (SEC) has filed a lawsuit against billionaire Elon Musk, accusing him of failing to timely disclose information about his stake in Twitter shares in early 2022, even before he acquired the social network.”, — write: epravda.com.ua
The US Securities and Exchange Commission (SEC) has filed a lawsuit against billionaire Elon Musk, accusing him of failing to timely disclose information about his stake in shares of Twitter (currently the social network X) in early 2022, even before he acquired this social network. The Associated Press writes about it. According to the SEC, Musk was able to pay “at least $150 million less” in stock purchases after he had to disclose that he owned more than 5% of Twitter. Musk acquired Twitter in October 2022 and later renamed it X. Musk began buying shares of Twitter in early 2022, and already in March of that year his share exceeded 5%.Advertisement: According to the complaint, at that point he was required to required by law to disclose information about his share, but did so only on April 4, 11 days after the deadline. In a statement, Musk’s lawyer, Alex Spiro, called the lawsuit “an admission by the SEC that they can’t make a real case,” because, he said, Musk “has done nothing wrong.” He called the lawsuit a “farce.” “As the SEC backs down and abandons its mandate, its years-long campaign to harass Mr. Musk has ended with a single petty Section 13(d) complaint for an alleged administrative violation — the untimely filing of a single document. That violation, even if proven, carries only a nominal penalty “, Spiro added.Advertisement: Also read: How are you doing, Twitter? What Elon Musk is doing with the social network We will remind: In April 2022, billionaire Elon Musk bought the Twitter social network for $44 billion after weeks of negotiations.