SEC Sues Elon Musk For Undisclosed Acquisition Of Twitter Shares As Gary Gensler Prepares To Step Down

The US Securities and Exchange Commission (SEC) has sued technology billionaire and SpaceX founder Elon Musk for allegedly failing to disclose the acquisition of some Twitter shares,

The action came as anti-crypto SEC Chair Gary Gensler prepares to step down on Jan. 20.

According to a Jan. 14 filing in a Washington, DC, federal court, Musk failed to disclose that “he had acquired beneficial ownership” of Twitter in 2022. This alleged omission enabled him to keep buying shares in the social media company “at artificially low prices” and “underpay by at least $150 million,” the agency said in its filing.

Dogecoin

DOGE Pumps 4% As Elon Musk Calls The SEC A “Totally Broken Organization”

This is not the first lawsuit against the technology mogul. In June 2022, a lawsuit brought forward by investors against Musk accused him of insider trading with respect to leading meme coin Dogecoin (DOGE).

This was after Musk started posting pictures of the meme coin online, causing the crypto’s price to periodically pump and earn him the nickname “Dogefather.” 

In August 2024, the Southern District of New York court dismissed an amended complaint with prejudice, marking the end of the lawsuit. Musk, who now owns X (formerly Twitter) after acquiring the company for $44 billion in April of 2022, responded to the latest lawsuit by the SEC in a Jan. 15 post, calling the regulator a “totally broken organization.”

DOGE pumped more than 4% following the post to trade at $0.3611 as of 8:09 a.m. EST.

Gensler Prepares To Leave The SEC

The SEC’s lawsuit comes as outgoing Chair Gensler prepares to leave the agency on Jan. 20. His departure date coincides with Donald Trump’s inauguration date. 

Musk is expected to advise the incoming president on how to make the government more financially efficient. Trump has already proposed the setting up of a Department of Government Efficiency (DOGE) and said that Musk will lead the department alongside Vivek Ramaswamy. 

Related Articles:

  • 4 Things To Know About Wall Street Pepe Presale As FOMO Soars
  • Crypto Investors Buy The Dip As Bitcoin Falls Below $90K
  • Punks NFTs Rise +500% In Sales

Comments

Post a Comment

Popular posts from this blog

Manta Network battles DDoS attack after TGE as new Telegram bot steals the show

Manta Network battles DDoS post-MANTA launch; 135M RPC requests flood, causing delays. Bitbot revolutionizes retail trading on Telegram with non-custodial, AI-backed solutions. BITBOT token presale unfolds across 15 stages, offering investors a structured opportunity. In a whirlwind of recent events, Manta Network faced a DDoS attack right after the successful launch of its MANTA token, causing a stir in the crypto community. Meanwhile, Bitbot, a Telegram trading bot, is making waves by empowering retail investors. Jin us as we delve into the challenges Manta Network is facing and explore Bitbot’s mission to put institutional-grade tools in the hands of individual investors. Manta Network DDoS attack Manta Network, a modular blockchain protocol renowned for its focus on zero-knowledge (ZK) application development, encountered a significant setback shortly after the launch of its governance token, $MANTA. The network experienced a Distributed Denial o...
Read more

Cardano Smart Contracts Surge by Nearly 10,000; Charles Hoskinson Acknowledges Achievement

The number of Cardano smart contracts increased by nearly 10,000 by 2024. Charles Hoskinson, co-founder of Cardano, acknowledged the increase and emphasized its importance. As of January 26, 2024, Cardano had 24,050 V1 and V2 Plutus smart contracts, marking a 67%. An X user by the name of Darren tweeted that the number of Cardano smart contracts increased by nearly 10,000 in 2024. This particular remark attracted the immediate attention of Charles Hoskinson. Hoskinson, a co-founder of Cardano, expressed a modest acknowledgment in response to the remark. He added, “So my prediction ended up true, but a little late.” Hoskinson’s reply emphasizes the profound importance that this accomplishment holds for the Cardano ecosystem. So my prediction ended up true, but a little late. https://t.co/ivhvqblo1S — Charles Hoskinson (@IOHK_Charles) January 25, 2024 As of January 22, 2024, the Cardano blockchain had amassed an impressive 24,05...
Read more

IRS, Treasury temporarily waive business crypto reporting requirements

IRS and Treasury say businesses do not have to report cryptocurrency receipts until new regulations are issued. In a press release on Jan. 16, the Internal Revenue Service (IRS) said in a joint statement with the U.S. Treasury Department that American business es do not have to report their receipts in crypto currencies the same way they do with cash. However, the regulators noted the exception will only last “until Treasury and IRS issue regulations.” “Treasury and the IRS intend to issue proposed regulations to provide additional information and procedures for reporting the receipt of digital assets, giving the public an opportunity to comment both in writing and, if requested, at a public hearing.” The IRS The announcement does not impact the rules in place before the Infrastructure Investment and Jobs Act for reporting cash received in the course of a trade or business, the IRS said, adding that cash transactions over $10,000 received in a trade or bu...
Read more