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“In total, Musk underpaid Twitter investors by more ... “Investors who sold Twitter common stock during this period did so at artificially low prices and thus suffered substantial economic ...

The SEC has sued billionaire X owner Elon Musk, alleging he failed to disclose his ownership of Twitter stock in a timely manner in 2022.

The financial regulator wants Musk to pay a civil penalty and remedies over alleged “unjust enrichment” ahead of his 2022 purchase of the social network.

The US Securities and Exchange Commission is suing Elon Musk, the owner of social media site X, alleging the world's richest man held off declaring his substantial purchase of Twitter shares in 2022.

When he finally disclosed his 9% stake in Twitter, the stock price jumped 27% off the previous close. A delay, the SEC says, lettered Musk to profit on artificially low prices as others ...

Musk’s misrepresentations allowed him to continue purchasing shares at artificially low prices until disclosing on April 4 that he had acquired over 9% of Twitter’s stock. Later that day, Twitter’s ...

Investors who sold Twitter common stock during this period did so at artificially low prices and thus suffered substantial economic harm.” Moreover, the suit alleges, Musk and his ...

“Had Musk and his wealth manager disclosed his ownership as required, the stock price would likely have increased significantly,” the SEC’s lawsuit alleged. Musk bought Twitter in October ...

The SEC sued Elon Musk, accusing the X owner of failing to properly disclose his purchases of Twitter stock in 2022.