SEC Sues Elon Musk for Late Twitter Disclosure
The SEC is suing Elon Musk for securities fraud, alleging he concealed his acquisition of over 5% of Twitter’s stock before its purchase, enabling him to buy shares at artificially low prices and save at least $150 million. Musk’s lawyer dismissed the suit as a “sham” and a result of harassment. The SEC claims Musk was required to disclose his holdings by March 24, 2022, but didn’t do so until April 4th, after purchasing hundreds of millions of dollars of shares. The lawsuit seeks disgorgement of Musk’s profits and civil penalties.
John Q. Hosedrinker