CELEBRITY
The SEC has charged Elon Musk, accusing him of defrauding Twitter shareholders of over $150 million.
The SEC has charged Elon Musk, accusing him of defrauding Twitter shareholders of over $150 million.
Elon Musk, the billionaire entrepreneur behind companies like Tesla and SpaceX, is facing serious allegations from the U.S. Securities and Exchange Commission (SEC). The SEC has charged Musk with defrauding Twitter shareholders of more than $150 million during his attempt to acquire the social media platform in 2022. The charges focus on Musk’s delay in disclosing his substantial stake in Twitter, which the SEC claims allowed him to acquire shares at artificially low prices, ultimately harming investors.
The SEC’s complaint centers on a crucial period in Musk’s 2022 Twitter acquisition. By March of that year, Musk had acquired a 9% stake in the company, far surpassing the 5% threshold that triggers a mandatory public disclosure under U.S. law. The SEC contends that Musk failed to report this purchase within the required 10-day window, which resulted in a surge in Twitter’s stock price by 27% once his stake became public.
According to the SEC, Musk’s delayed disclosure allowed him to buy shares at prices that were artificially low. Investors who sold their shares during this period, unaware of Musk’s growing involvement, did so at a disadvantage, suffering financial losses as a result. The SEC argues that this violation of securities law led to significant harm for the shareholders who were affected
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