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The Securities and Exchange Commission sued Elon Musk in federal court on Tuesday for allegedly misleading shareholders when he bought hundreds of millions of dollars worth of Twitter stock in ...
Elon Musk bought Twitter in 2022, and became growing ally of Trump Musk bought Twitter in 2022 for $44 billion and renamed it X. Shortly after taking over the platform, Musk reinstated Trump's ...
In a complaint filed in Washington, D.C. federal court, the SEC said Musk violated federal securities law by waiting 11 days too long to disclose his initial purchase of 5% of Twitter's common shares.
Twitter's stock sank by 7 percent after the news, dropping by a further 11 percent the next day. [107] On July 10, Twitter hired the law firm Wachtell, Lipton, Rosen & Katz to represent its case, including "key lawyers" William Savitt and Leo Strine , [ 108 ] along with Potter Anderson & Corroon, Ballard Spahr , Kobre & Kim, and Wilson Sonsini ...
Twitter's stock was suspended from trading prior to the New York Stock Exchange opening the next day and was delisted on November 8. [81] [82] On October 31, Musk announced in a security filing that he had dissolved the board of directors and would serve as the CEO of the company. [83] In January 2023, he also fired an employee who criticized ...
Elon Musk completed his acquisition of Twitter in October 2022; Musk acted as CEO of Twitter until June 2023 when he was succeeded by Linda Yaccarino.In a move that, despite Yaccarino's accession, was widely attributed to Musk, [1] [2] Twitter was rebranded to X on July 23, 2023, [3] and its domain name changed from twitter.com to x.com on May 17, 2024.
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To clinch the deal, the three sources of funding (Musk personally, the lenders, and his co-investors) paid roughly $41.2 billion for Twitter’s stock at $54.20 per share including assorted fees ...