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SEC Sues Elon Musk Alleging Rule Violation in Twitter Stake Purchase
SEC Sues Elon Musk Alleging Rule Violation in Twitter Stake Purchase
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The Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of breaching securities laws during his acquisition of Twitter shares in 2022. The complaint alleges that Musk failed to properly disclose his ownership in the company, which allowed him to purchase shares at artificially low prices. The SEC claims that Musk violated disclosure requirements by not reporting his Twitter holdings, which had exceeded the 5% threshold mandated by law. This delay in reporting allegedly enabled Musk to benefit from the lower prices.
