The Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of failing to disclose his significant purchase of Twitter stock in 2022. The SEC claims Musk delayed filing the required notice for 11 days, allowing him to acquire shares at “artificially low prices,” harming investors who sold during that period.
The lawsuit alleges Musk underpaid Twitter investors by over $150 million and caused “substantial economic harm.” Musk’s attorney, Alex Spiro, dismissed the SEC’s claims as baseless, stating, “Mr. Musk has done nothing wrong.”
The SEC filed the complaint in Washington, seeking accountability for the alleged misconduct.
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