SEC SUES Elon Musk for Alleged Failure to Disclose Twitter Stake
10 months ago
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SEC SUES Elon Musk for Alleged Failure to Disclose Twitter Stake
The Securities and Exchange Commission has filed a lawsuit alleging Elon Musk failed to disclose his Twitter holdings in a timely manner. Elon purchased 5% of Twitter shares ahead of his outright takeover of the company, which, according to current SEC rules, requires a disclosure filing. They allege that Elon filed 11 days late, and because of this, he was able to buy Twitter for an "undervalued price."
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