Regulator alleges businessman’s failure to follow disclosure rules delivered $150m benefit on share purchases
US stock market regulators are suing Elon Musk over failure to disclose holding in Twitter , now called X, in accordance with rules. Photograph: Haiyun Jiang/The New York TimesUS securities regulators sued Elon Musk in federal court in Washington on Tuesday in an enforcement action arising from his $44 billion purchase of Twitter , now called X.
The SEC contends that in buying Twitter in 2022, Mr Musk violated securities laws by amassing a large stock position in the social media company without filing the proper notification. The complaint said he had waited 11 days before filing the required disclosure with the SEC. Because Mr Musk did not disclose his position, he was able to continue buying Twitter stock at an artificially low price, the SEC said in its lawsuit. The move “allowed him to underpay by at least $150 million” for the additional shares before he belatedly disclosed his stake, the lawsuit continued.
Elon-Musk Twitter Donald-Trump
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk’s X accuses Ireland’s media watchdog of ‘regulatory overreach’Twitter International takes issue with new Online Safety Code’s approach to “restricted” video content
Read more »
Elon Musk could soon be as rich as the NetherlandsLesson of the 20th century was that when a critical mass of citizens feel the system is rigged against them, we encourage radical politics
Read more »
Elon Musk's AfD Support Sparks Resignation at German NewspaperA supportive guest opinion piece by Elon Musk for the Alternative for Germany (AfD) political party published in Welt am Sonntag newspaper has led to the resignation of the commentary editor in protest. Musk's piece, which denies the AfD's extremist bent and argues that 'only the AfD can save Germany,' has drawn criticism given the party's classification as a suspected extremism case by Germany's domestic intelligence agency.
Read more »
German Politicians Condemn Elon Musk's Support for AfD in Welt am SonntagGerman politicians, including CDU leader Friedrich Merz and SPD officials, have criticized Elon Musk's opinion piece in Welt am Sonntag praising the far-right AfD party. The article has been widely condemned as interference in the German election.
Read more »
Elon Musk's Political Influence and the Cost of PowerThe article explores Elon Musk's growing political influence and the concerns it raises about the concentration of wealth and power. It highlights his significant financial contributions to Donald Trump's campaign and his appointment as the federal efficiency tsar, a position that gives him significant sway over federal policy and regulation.
Read more »
Elon Musk's Influence: From Billionaire to Political Power PlayerThis article examines Elon Musk's growing political influence, highlighting his substantial financial contributions to Donald Trump's campaign and his subsequent appointment as a federal efficiency tsar. The author expresses concern over Musk's disregard for worker safety and well-being, questioning his suitability for shaping federal policy and regulation.
Read more »