Summary
The SEC has sued Elon Musk, alleging he failed to disclose a timely 5% Twitter stake in 2022, allowing him to buy additional shares at “artificially low prices,” underpaying by $150M.
Musk disclosed his stake 11 days late, after purchasing over $500M in shares, leading Twitter’s stock to surge 27%.
Musk’s lawyer called the case baseless, accusing the SEC of harassment.
This follows prior SEC investigations into Musk for alleged securities fraud and insider trading related to Tesla stock sales.
Musk denies any wrongdoing.
It’s okay, our new government department DOGE will tell the SEC it was more efficient
Our old government waited nearly 3 years to bring this lawsuit forward, and only did so days before Trump will take over. A fail all around to me.