Latest Breaking News

highplainsdem

(53,067 posts)

4. More, from Reuters:

Tue Jan 14, 2025, 07:06 PM

16 hrs ago

https://www.reuters.com/legal/us-sec-sues-elon-musk-over-late-disclosure-twitter-stake-2025-01-14/

In a complaint filed in Washington, D.C., federal court, the SEC said the delay allowed Musk to continue buying Twitter shares at artificially low prices, allowing him to underpay by at least $150 million.

The SEC wants Musk to pay a civil fine and disgorge profits he was not entitled to.

-snip-

An SEC rule requires investors like Musk to disclose within 10 calendar days when they cross a 5% ownership threshold.

The SEC said Musk did not disclose his stake until April 4, 2022, 11 days after the deadline, by which time he owned more than 9% of Twitter's shares.

-snip-

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

7 replies

= new reply since forum marked as read

Highlight:

US sues Elon Musk for allegedly failing to disclose early Twitter stock purchase [View all] BumRushDaShow 16 hrs ago OP

Well, Trump will drop this like a lead balloon. LeftInTX 16 hrs ago #1

"He's a certified Brown Noser and Billionaire Bro.(R). He gets a Full Pardon." - G.O.P. Flaw & Plunder Party BoRaGard 16 hrs ago #2

Haha! Haggard Celine 16 hrs ago #3

More, from Reuters: highplainsdem 16 hrs ago #4

Here is the SEC filing against Elon Musk. C0RI0LANUS 16 hrs ago #5

A little too late or way too late Clouds Passing 15 hrs ago #6

SEC sues Elon Musk, alleging failure to properly disclose Twitter ownership LetMyPeopleVote 15 hrs ago #7