Business News

Elon Musk sued by SEC for buying Twitter shares in 2022

The Securities and Exchange Commission (SEC) of the United States this week filed a lawsuit against X, ex-Twitter, the owner Elon Musk for the purchases of Twitter shares that he made in 2022.

Musk failed to timely disclose that he had purchased more than 5% of Twitter’s common stock in March of that year, the complaint said.

The SEC said it allowed Musk to continue buying shares in Twitter at an artificially low price, and paid under $150 million.

Elon Musk

The US Securities and Exchange Commission this week filed a lawsuit against X, ex-Twitter owner Elon Musk for the purchases of Twitter shares that he made in 2022. (by Williams/CQ-Roll Call, Inc via Getty Images/Getty Images)

Musk started buying Twitter in April 2022, finalizing the October sale.

CLICK HERE TO READ MORE ABOUT FOX BUSINESS

He paid $44 billion for the social media platform.

Reuters contributed to this report.


https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/01/0/0/elon-musk8.jpg?ve=1&tl=1

2025-01-15 00:04:00

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button