SEC sues Elon Musk for allegedly failing to properly disclose his Twitter ownership stake
The US Securities and Exchange Commission sued Elon Musk on Tuesday for failing to properly disclose his ownership of X, then known as Twitter, which allowed him to buy shares of the platform at “artificially low prices.
The Securities Exchange Commission has filed suit against Elon Musk, alleging that he violated securities law.
The complaint estimates that Musk saved at least $150m by purchasing Twitter stock at artificially low prices.
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