Financial regulator alleges Musk later acquired shares of company at ‘artificially low prices’, stiffing shareholdersA US financial regulator has sued Elon Musk for allegedly failing to disclose his ownership of Twitter stock and later acquiring shares in the company at “artificially low prices”, stiffing other shareholders.The Securities and Exchange Commission (SEC) filed suit against Musk late on Tuesday in Washington DC federal court for alleged securities violations. According to the suit, Musk did not disclose that he had acquired a 5% stake in the company in a timely manner, which allowed him “to underpay by at least $150 million for shares he purchased after his financial beneficial ownership report was due”. Continue reading…
Source link : https://www.theguardian.com/technology/2025/jan/14/us-elon-musk-twitter-stock-purchase-lawsuit
Author : Blake Montgomery and Dara Kerr
Publish date : 2025-01-14 23:40:00
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US sues Elon Musk for allegedly failing to disclose early Twitter stock purchase
