US regulators have sued Elon Musk, claiming the billionaire intentionally failed to make a timely disclosure of his ownership of Twitter stock.
The Securities and Exchange Commission filed the suit on Tuesday. They believe that the late filing of a beneficial ownership report enabled Musk to buy Twitter shares at "artificially low prices."
The commission argues the delay was intentional. Musk is accused of underpaying by at least 150 million dollars.
The SEC says that by March 14, 2022, Musk had purchased more than 5 percent of outstanding shares of Twitter, which he later renamed X.
He was required by a rule to report within 10 calendar days of crossing the 5-percent threshold. The SEC claims he failed to act until April 4.
US media outlets quoted Musk's lawyer as saying, "Mr. Musk has done nothing wrong and everyone sees this sham for what it is."
The Securities and Exchange Commission filed the suit on Tuesday. They believe that the late filing of a beneficial ownership report enabled Musk to buy Twitter shares at "artificially low prices."
The commission argues the delay was intentional. Musk is accused of underpaying by at least 150 million dollars.
The SEC says that by March 14, 2022, Musk had purchased more than 5 percent of outstanding shares of Twitter, which he later renamed X.
He was required by a rule to report within 10 calendar days of crossing the 5-percent threshold. The SEC claims he failed to act until April 4.
US media outlets quoted Musk's lawyer as saying, "Mr. Musk has done nothing wrong and everyone sees this sham for what it is."
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Summary
The SEC filed a lawsuit against Elon Musk, accusing him of intentionally delaying the disclosure of his ownership of Twitter stock. This alleged delay allowed Musk to buy shares at potentially lower prices. The SEC believes Musk failed to comply with a rule requiring reporting within 10 days of
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ID: 2fedfc41-a67b-49d9-8f63-0116dad1cfad
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20250115_B04/
Created: 2025/01/15 19:00
Updated: 2025/12/08 07:07
Last Read: 2025/01/15 19:55