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After a two-year investigation, the Securities and Exchange Commission He has filed a lawsuit Elon Musk later delayed explanation of Twitter acquired before announcing its intention to buy the company in 2022.
In court filings, the SEC says Musk filed papers with the SEC showing his purchase of Twitter shares 11 days after the SEC’s deadline to do so. (Federal law, as the SEC says in its statement, requires investors to publicly announce when they acquire more than 5 percent of a company.) This delay, according to the regulator, allowed Musk to buy even more of Twitter at a time when other investors were not aware of it. about his involvement with the company.
From a case:
At a time when Musk was supposed to disclose his beneficial ownership but failed to do so, he spent more than $500 million to buy additional shares of Twitter common stock. Because Musk failed to disclose his beneficial ownership in time, he was able to buy this from the public at low prices, which did not reveal much of the undisclosed amount of Musk’s beneficial ownership of more than 5 percent of Twitter’s common stock and money. purpose. In total, Musk paid less for Twitter and more than $150 million for his private Twitter purchase during this period. Marketers who traded in real estate on Twitter during this time did so at extremely low prices and faced a serious financial crisis.
The inspector has been investigating Musk for many years, and has been in conflict with the owner of X. At one point, the SEC blame Musk trying to stop and use “games” to delay his investigation into his Twitter account. Last month, Musk shared it copy of a letter to SEC Chairman Gary Gensler in which Musk’s lawyer, Alex Spiro, accused the regulator of “six years of abuse” targeting Musk. The letter indicated that Musk rejected a decision from the SEC related to his Twitter investigation.
Musk also met with a from other Twitter sellers and an related to late disclosure. However, if The New York Times It’s unclear whether the SEC’s latest action will amount to much, as Gensler is expected to step down after the inauguration of President Donald Trump.
X did not immediately respond to a request for comment. In words to The Times, Spiro called the SEC’s action a “one-count complaint,” calling it “an admission by the SEC that they won’t bring an actual case.”
