SEC sues Elon Musk, saying he didn’t disclose Twitter ownership on time before buying it

May Be Interested In:J.T. Miller in New York: his wife and Vincent Trocheck’s wife pushed hard for it to happen – Dose.ca


The US Securities and Exchange Commission has sued billionaire Elon Musk, saying he failed to disclose his ownership of Twitter stock in a timely manner in early 2022, before buying the social media site.

As a result, the SEC alleges, Musk was able to underpay “by at least $150 million” for shares he bought after he should have disclosed his ownership of more than 5 per cent of Twitter’s shares. Musk bought Twitter in October 2022 and later renamed it X.

Musk started amassing Twitter shares in early 2022, and by March of that year, he owned more than 5 per cent. At this point, the complaint says, he was required by law to disclose his ownership but he failed to do so until April 4, 11 days after the report was due.

Representatives for X and Musk did not immediately return a message for comment.

After Musk signed a deal to acquire Twitter in April 2022, he tried to back out of it, leading the company to sue him to force him to go through with the acquisition.

The has SEC said that starting in April 2022, it authorised an investigation into whether any securities laws were broken in connection with Musk’s purchases of Twitter stock and his statements and SEC filings related to the company.

Before it filed the lawsuit, the SEC went to court in an attempt to compel Musk to testify as part of an investigation into his purchase of Twitter.

The SEC’s current chair, Gary Gensler, plans to step down from his post on January 20 and it is not clear if the new administration will continue the lawsuit.



share Share facebook pinterest whatsapp x print

Similar Content

TouchArcade is Shutting Down – TouchArcade
TouchArcade is Shutting Down – TouchArcade
'Blue Lock' Review: A Must-Watch for Anime and Soccer Fans! - Spotlight Report
‘Blue Lock’ Review: A Must-Watch for Anime and Soccer Fans! – Spotlight Report
How to Use Stolen Device Protection on Apple’s iPhone
How to Use Stolen Device Protection on Apple’s iPhone
A view of the Bibby Stockholm accommodation barge at Portland Port in Dorset. Protests in London and the South East aimed at blocking asylum seekers being moved from hotels to the accommodation barge have been branded "unacceptable" by Downing Street.   Picture date: Friday May 3, 2024. PA Photo. See PA story POLITICS Migrants. Photo credit should read: Matt Keeble/PA Wire
Government contract ends for controversial asylum barge Bibby Stockholm
Suspended Labour MP Mike Amesbury outside court on Thursday
UK MP Mike Amesbury pleads guilty to assault
Why EVs are (mostly) set for solid growth this year
Why EVs are (mostly) set for solid growth this year
The Voice of the People: Global News That Resounds | © 2025 | Daily News