The United States Securities and Exchange Commission has sued Elon Musk, arguing that his in 2022 was carried out with violations, the regulator said in a filing.
鈥淒efendant Elon Musk failed to timely file with the Securities and Exchange Commission [SEC] a beneficial ownership report disclosing his acquisition of more than 5% of the outstanding shares of Twitter鈥檚 common stock in March 2022, in violation of the federal securities laws,鈥 the agency said in a court filing.
According to the SEC, the omission enabled Musk, the world鈥檚 richest man and , to continue purchasing shares at 鈥渁rtificially low prices, allowing him to underpay by at least [US]$150 million [$267.8m] for shares he purchased after his beneficial ownership report was due.鈥
Musk鈥檚 role at the social network has been marked by numerous controversies and led to various legal actions on the part of investors, former employees and companies that had contracts with Twitter, now called X.
Shareholders, for example, have filed a lawsuit against Musk, accusing him of disclosing his 5% stake in Twitter too late, after the deadline set by the SEC.
- Agence France-Presse
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