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“In total, Musk underpaid Twitter investors by more than $150 million for his purchases of Twitter common stock during this period,” the complaint reads “Investors who sold Twitter common ...
The lawsuit from the SEC against Musk is essentially about him not disclosing his purchase of a large portion of Twitter’s stock in the months before he announced his intention to buy the company.
The SEC has sued billionaire X owner Elon Musk, alleging he failed to disclose his ownership of Twitter stock in a timely manner in 2022.
The business magnate Elon Musk initiated an acquisition of American social media company Twitter, Inc. on April 14, 2022, and concluded it on October 27, 2022. Musk had begun buying shares of the company in January 2022, becoming its largest shareholder by April with a 9.1 percent ownership stake.
“That day, Twitter’s stock price increased more than 27 percent over its previous day’s closing price.” The SEC wants Musk to pay a civil fine and give up the profits “of his unjust ...
Elon Musk is being sued by the U.S. Securities and Exchange Commission, claiming he didn't disclose purchases of Twitter stock in 2022 immediately, allowing him to underpay.
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