The US Securities and Exchange Commission (SEC) filed a lawsuit against billionaire Elon Musk over his purchase of shares in the acquisition of the social network Twitter in 2022.
Musk is accused of not reporting on time that his stake in the company exceeded the five percent threshold, which allowed him to acquire additional shares at a lower price, DW reports. Elon Musk started buying shares of Twitter in the market in early 2022. According to SEC data, his stake reached five percent on March 14, 2022. According to US rules, he had to report this publicly within 10 calendar days Its share is nine percent.After that, the value of the shares rose sharply by 27 percent.
The regulator analyzed Musk's purchases and concluded that he saved more than $150 million by delaying the required notification. At the same time, the shareholders who sold their shares to him suffered financial losses during this period. The SEC requires Musk to return that money, as well as pay an additional fine.
