This lawsuit was guaranteed to happen, and it finally has. The SEC has finally sued Elon Musk over his takeover of Twitter:
The US Securities and Exchange Commission sued Elon Musk on Tuesday for allegedly failing to properly disclose his ownership of X, then known as Twitter, as required by federal law, which allowed him to buy shares of the platform at “artificially low prices.”
Before he closed his $44 billion deal to buy Twitter in October 2022, Musk began to acquire a “significant number” of Twitter shares. By mid-March 2022, he owned more than 5% of the company’s common stock and was required to disclose that to the SEC within 10 calendar days. The filing alleged that Musk failed to disclose that information until April 4, 2022.
Had Musk and his wealth manager disclosed his ownership as required, the stock price would likely have increased significantly,” the suit alleged.
Now of course Elon is denying all of this. And I bet he’s hoping that his buddy Donald Trump does him a big favour and makes this go away. But if that doesn’t happen, Elon is in a whole lot of trouble here. Especially since he’s flipped off the SEC on multiple occasions, which isn’t a good idea if you ask me. But I think he’s about to find that out. And I am here for it.
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This entry was posted on January 15, 2025 at 9:39 am and is filed under Commentary with tags Twitter. You can follow any responses to this entry through the RSS 2.0 feed.
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Elon Musk Gets Sued By The FTC Over Twitter Takeover
This lawsuit was guaranteed to happen, and it finally has. The SEC has finally sued Elon Musk over his takeover of Twitter:
The US Securities and Exchange Commission sued Elon Musk on Tuesday for allegedly failing to properly disclose his ownership of X, then known as Twitter, as required by federal law, which allowed him to buy shares of the platform at “artificially low prices.”
Before he closed his $44 billion deal to buy Twitter in October 2022, Musk began to acquire a “significant number” of Twitter shares. By mid-March 2022, he owned more than 5% of the company’s common stock and was required to disclose that to the SEC within 10 calendar days. The filing alleged that Musk failed to disclose that information until April 4, 2022.
Had Musk and his wealth manager disclosed his ownership as required, the stock price would likely have increased significantly,” the suit alleged.
Now of course Elon is denying all of this. And I bet he’s hoping that his buddy Donald Trump does him a big favour and makes this go away. But if that doesn’t happen, Elon is in a whole lot of trouble here. Especially since he’s flipped off the SEC on multiple occasions, which isn’t a good idea if you ask me. But I think he’s about to find that out. And I am here for it.
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This entry was posted on January 15, 2025 at 9:39 am and is filed under Commentary with tags Twitter. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.