CandleFocus SEC’s Gensler Sues Elon Musk Over Delayed Twitter Stake Disclosure, Days Before Resignation
2025-01-15
Author: Content Editor
The U.S. Securities and Exchange Commission (SEC) has sued Elon Musk, accusing him of violating securities laws by waiting 11 days to disclose his purchase of a large stake in Twitter. The SEC claims that Musk's delayed disclosure allowed him to buy over $500 million worth of Twitter shares at artificially low prices, causing significant financial losses for other investors. The lawsuit seeks to make Musk pay a civil fine and return the allegedly gained profits. Musk has criticized the SEC's actions on his platform, X (formerly Twitter). The lawsuit comes just before the current SEC chair, Gary Gensler, steps down. His successor, Paul Atkins, is expected to review his actions.
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