The post SEC Sues Elon Musk Over Alleged Twitter Stock Violations appeared first on Coinpedia Fintech News
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of breaking securities laws. The SEC claims Musk delayed disclosing his 5% ownership in Twitter, allowing him to buy more shares at lower prices, allegedly underpaying by $150 million. Typically, such a stake requires timely public disclosure, but Musk reportedly waited 11 days past the deadline before revealing it. This delay occurred before Musk’s $44 billion purchase of Twitter in 2022, which he later rebranded as X. The SEC argues that Musk’s actions hurt other shareholders by denying them fair market conditions during the acquisition process.