Elon Musk started amassing Twitter shares in early 2022, and by March of that year, he owned more than 5 per cent.
WATCH: SpaceX and Tesla CEO Elon Musk has been sued by the U.S. Sec urities and Exchange Commission after it was revealed the billionaire failed to disclose his ownership of Twitter stock in a timely manner back in early 2022 – before he bought and renamed the social media platform.As a result, the SEC alleges, Musk was able to underpay “by at least $150 million” for shares he bought after he should have disclosed his ownership of more than 5 per cent of Twitter ’s shares.
Musk’s lawyer, Alex Spiro, said in a statement that the lawsuit “is an admission by the SEC that they cannot bring an actual case” since Musk has “done nothing wrong.” After Musk signed a deal to acquire Twitter in April 2022, he tried to back out of it, leading the company to sue him to force him to go through with the acquisition.
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