The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, alleging that his acquisition of Twitter shares in 2022 violated federal securities laws. The SEC claims Musk failed to timely disclose his ownership stake, allowing him to purchase shares at artificially low prices. Musk's attorney called the filing a 'sham' and part of a 'multi-year campaign of harassment' against the billionaire.
WASHINGTON, D.C. — The United States Sec urities and Exchange Commission has sued Elon Musk , arguing that his purchase of Twitter shares in 2022 was carried out with violations, the regulator said in a filing published Tuesday.
According to the SEC, the omission enabled Musk, the world's richest man and a close ally of President-elect Donald Trump, to continue purchasing shares at 'artificially low prices, allowing him to underpay by at least $150 million for shares he purchased after his beneficial ownership report was due.'Alex Spiro, an attorney for Musk, called the filing a 'sham' that culminated a 'multi-year campaign of harassment' against the billionaire.
ELON MUSK TWITTER SEC STOCK PURCHASE LAWSUIT
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