Source: CNBC
“The SEC filed a lawsuit against Elon Musk on Tuesday, alleging the billionaire committed securities fraud in 2022 by failing to disclose his ownership in Twitter and buying shares at ‘artificially low prices.’ Musk, who is also CEO of Tesla and SpaceX, purchased Twitter for $44 billion, later changing the name of the social network to X. Prior to the acquisition he’d built up a position in the company of greater than 5%, which would’ve required disclosing his holding to the public. According to the SEC complaint, Musk didn’t follow disclosure rules, ‘allowing him to underpay by at least $150 million for shares he purchased after his financial beneficial ownership report was due.'” (01/14/25)