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TexasTowelie

(118,304 posts) Wed Jan 15, 2025, 04:24 AM Jan 15

SEC sues Elon Musk over late disclosure of Twitter stake - Reuters

Elon Musk has been sued by the US SEC over late disclosure of his stake in Twitter. The commission accused Musk of waiting too long to disclose in 2022 he had amassed a large stake in the social media company he later bought and renamed X.

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SEC sues Elon Musk over late disclosure of Twitter stake - Reuters (Original Post) TexasTowelie Jan 15 OP

Musk violated Section 13(d) of the Securities Exhange Act LetMyPeopleVote Jan 15 #1

LetMyPeopleVote

(156,989 posts)

1. Musk violated Section 13(d) of the Securities Exhange Act

Reply to TexasTowelie (Original post)

Wed Jan 15, 2025, 02:04 PM

Jan 15

Part of the Securities laws is that one can not buy more than 5% of the stock of a company with intent to take that company over without filing a notice when you go over 5% ownership. This alerts the market and other stockholders about a pending takeover attempt. By ignoring this law, Musk was able to buy more shares and save himself money

Link to tweet

Musk cheated shareholders who sold their shares to him after Musk was supposed to disclose his stock ownership. Musk cheated these shareholders

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