Twitter Acquisition: Billionaire Elon Musk sued over securities violations
The U.S. Securities and Exchange Commission has sued billionaire businessman Elon Musk over issues related to enforcement actions about his purchase of social media platform X in 2022.
According to the New York Times, the SEC is arguing that Mr Musk violated securities laws in his $44 billion acquisition of the company.
He is accused of amassing a large stock position in the social media company without filing the proper notification.
The commission said Mr Musk failed to file the required disclosure with the SEC until after 11 days had passed, the Times reported, which allowed him to buy Twitter stock at artificially low prices, the lawsuit said.
The move “allowed him to underpay by at least $150 million” for the additional shares before he belatedly disclosed his stake, the lawsuit continued.
By regulations, investors are required to file their dealings in the marketplace so that their activities and potential takeover bids can be monitored.
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