SEC lawsuit claims Musk gained over $150 million by delaying Twitter stake disclosure
After a more than two-year investigation, the Securities and Exchange Commission has sued Elon Musk over his delayed disclosure of the Twitter stock he amassed before announcing his intention to acquire the company in 2022.<br /> In a court filing, the SEC says that Musk filed paperwork with the SEC disclosing his purchase of Twitter shares 11 days after an SEC-mandated deadline to do so. (Federal law, as the SEC notes in its statement, requires investors to publicly report when they have acquired a more than 5 percent stake in a company.) This delay, according to the regulator, allowed Musk to buy up even more Twitter stock at a time when other investors were unaware of his involvement with the company.<br /> From the lawsuit:<br /> During the period that Musk was requir [...]
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