The U.S. Securities and Exchange Commission (SEC) has sued Elon Musk for failing to properly disclose his ownership stake in X (formerly Twitter) before acquiring the company. The SEC alleges that Musk's delayed disclosure allowed him to purchase shares at artificially low prices, costing Twitter investors over $150 million.
FILE - Elon Musk reacts during an in-conversation event with Britain's Prime Minister Rishi Sunak in London, Thursday, Nov. 2, 2023. IBM has stopped advertising on social media platform X after a report said its ads were appearing alongside material praising Adolf Hitler and Nazis — a fresh setback as the site formerly known as Twitter tries to win back big brands and their ad dollars.New York — The U.S.
Musk and his wealth manager did not disclose the purchases because Twitter’s stock price could shoot up as a result, the suit alleged.
ELON MUSK TWITTER SEC STOCK MARKET
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