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. 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 me...
