Brief by Shorts91 Newsdesk / 05:20am on 15 Jan 2025,Wednesday International
The US Securities and Exchange Commission (SEC) has sued Elon Musk for failing to disclose his 5% stake in Twitter within the required 10-day period in 2022. Musk’s delay allowed him to purchase Twitter shares at artificially low prices, increasing his 9.2% stake by the time he revealed the purchases in April 2022. The SEC is seeking a civil fine and the return of profits. Musk, who later acquired Twitter for $44 billion, dismissed the lawsuit, calling it a “harassment” campaign. This follows previous legal battles with the SEC over his business practices.
