“The new commission is going to be mindful of not wanting to appear to be doing the bidding of the president’s best buddy,” said David Rosenfeld, a former SEC enforcement attorney. “It’s always possible that they come in and say, ‘You were nuts to do this and we’re going to upend the apple cart.’ But I highly doubt it.” The lawsuit sets up an early test of how Trump’s pick to chair the SEC — Paul Atkins — would navigate potential clashes with the incoming president’s allies as the top...

Elon Musk is being sued by the U.S. Securities and Exchange Commission over his 2022 Twitter takeover. The agency alleges that the billionaire failed to disclose his ownership of Twitter stock in a timely manner, saving himself at least $150 million “at the expense of shareholders.” The Tesla and SpaceX CEO acquired Twitter for $44 billion in October 2022 and rebranded it as X. Musk, the world’s richest man, is just days away from wielding enormous influence and power in the White House when President-elect Donald Trump takes office. Alongside...

The Securities and Exchange Commission (SEC) smacked billionaire Elon Musk with new charges related to his 2022 Twitter acquisition, just days before a friendlier federal administration takes over. The agency on Tuesday accused Musk of underpaying investors in the social media company by at least $150 million by failing to properly disclose his ownership in the company under federal rules. He only revealed his Twitter holdings 11 days after the mandatory guidelines, allowing the Tesla (TSLA-1.95% ) and SpaceX CEO to keep prices “artificially low,” the SEC said in a...

Good morning. The SEC is suing Elon Musk, at least for now. The Biden administration plans yet more chip curbs. And crypto offerings did well last year, but Bitcoin is still the one to beat. Listen to the day’s top stories. Elon Musk cheated Twitter shareholders out of over $150 million by waiting too long to disclose his growing stake in the platform ahead of a takeover bid back in 2022, the SEC said in a lawsuit. (It’s been probing him since 2022.) The complaint was immediately disputed by Musk’s...

The Securities and Exchange Commission alleges that Musk took 21 days to reveal that he had taken a 5%+ holding in Twitter when he was required to do so within 10 days.

Keeping his holding secret for this duration allegedly saved him $150m on further share purchases.

Musk's lawyer, of course, says that this is "a campaign of harassment".

The U.S. Securities and Exchange Commission (SEC) on Tuesday filed a lawsuit against tech billionaire Elon Musk, alleging that the X owner did not disclose his active stake in the social media platform (then Twitter) that allowed him to buy Twitter shares at "artificially low prices." The financial regulator said Musk's actions were in violation of federal securities laws since his failure to disclose the acquisition of over five percent of Twitter's outstanding common stock in March 2022, which allowed him to "underpay by at least $150 million for shares...

Good morning. Elon Musk is being sued by the US SEC. The ECB’s Philip Lane says the euro-dollar rate matters even if firms absorb initial swings. And Google’s Sundar Pichai joins tech CEOs in bidding for a London cricket team. Listen to the day’s top stories. Elon Musk cheated Twitter shareholders out of more than $150 million by waiting too long to disclose his growing stake in the company in 2022 as he prepared a takeover bid, the US Securities and Exchange Commission said. The complaint was immediately disputed by...

The complaint alleges that Elon Musk “failed to timely file with the SEC a beneficial ownership report” which discloses his purchase of Twitter shares before he announced his ownership of the company. Also Read: Union Budget: 25 key terms you must know before Nirmala Sitharaman's speech Elon Musk had started acquiring Twitter shares in early 2022, and by March that year, he ended up owning more than 5% of the social media giant, news agency Associated Press reported. The SEC's complaint says Musk was required by law to disclose his...

With the clock running out on the Biden administration, the US Securities and Exchange Commission has sued Elon Musk in federal court. The statute at hand is relatively straightforward. The timing of the complaint is more complicated. The SEC’s complaint centers on Musk’s acquisition of Twitter stock in early 2022. According to the complaint, Musk failed to notify the agency that he had acquired more than five percent of common shares in the company within 10 calendar days. If true, that delay would violate federal security laws. “As a result,...