Please ensure Javascript is enabled for purposes of website accessibility
SEC Sues Elon Musk, Saying He Didn’t Disclose Twitter Ownership on Time Before Buying It
gvw_ap_news
By Associated Press
Published 3 months ago on
January 14, 2025

The SEC sued Elon Musk, saying that he did not disclose his ownership of Twitter stock in a timely manner. (AP File)

Share

Getting your Trinity Audio player ready...

The U.S. Securities and Exchange Commission has sued billionaire Elon Musk, saying he failed to disclose his ownership of Twitter stock in a timely manner in early 2022, before buying the social media site.

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% of Twitter’s shares. Musk bought Twitter in October 2022 and later renamed it X.

Musk started amassing Twitter shares in early 2022, and by March of that year, he owned more than 5%. At this point, the complaint says, he was required by law to disclose his ownership, but he failed to do so until April 4, 11 days after the report was due.

Representatives for X and Musk did not immediately return a message for comment.

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.

The has SEC said that starting in April 2022, it authorized an investigation into whether any securities laws were broken in connection with Musk’s purchases of Twitter stock and his statements and SEC filings related to the company.

Before it filed the lawsuit, the SEC went to court in an attempt to compel Musk to testify as part of an investigation into his purchase of Twitter.

The SEC’s current chair, Gary Gensler, plans to step down from his post on Jan. 20 and it is not clear if the new administration will continue the lawsuit.

RELATED TOPICS:

DON'T MISS

Supreme Court Sides With the FDA in Its Dispute Over Sweet-Flavored Vaping Products

DON'T MISS

Trump Announces Sweeping New Tariffs to Promote US Manufacturing, Risking Inflation and Trade Wars

DON'T MISS

Fresno Firefighters Save Dog From Canal and Now She’s Ready for Adoption

DON'T MISS

Big Brands Spend Just Enough on X to Avoid Musk’s ‘Naughty List’

DON'T MISS

Judge Dismisses Corruption Case Against New York City Mayor Eric Adams

DON'T MISS

State Center Trustees Render Split Decision on Future of PLAs

DON'T MISS

California’s Schools Chief Has a $200,000 Salary and a Side Gig

DON'T MISS

Why Project Labor Agreements Are Good for Our Schools and Students: Opinion

DON'T MISS

Trump Proposes Tax Deduction for Auto Loan Interest on US-Made Cars

DON'T MISS

Western US Sees Sharp Increase in Extreme Weather Impact

UP NEXT

Trump Announces Sweeping New Tariffs to Promote US Manufacturing, Risking Inflation and Trade Wars

UP NEXT

Fresno Firefighters Save Dog From Canal and Now She’s Ready for Adoption

UP NEXT

Big Brands Spend Just Enough on X to Avoid Musk’s ‘Naughty List’

UP NEXT

Judge Dismisses Corruption Case Against New York City Mayor Eric Adams

UP NEXT

State Center Trustees Render Split Decision on Future of PLAs

UP NEXT

California’s Schools Chief Has a $200,000 Salary and a Side Gig

UP NEXT

Why Project Labor Agreements Are Good for Our Schools and Students: Opinion

UP NEXT

Trump Proposes Tax Deduction for Auto Loan Interest on US-Made Cars

UP NEXT

Western US Sees Sharp Increase in Extreme Weather Impact

UP NEXT

Amazon Said to Make a Bid to Buy TikTok in the US

Big Brands Spend Just Enough on X to Avoid Musk’s ‘Naughty List’

2 hours ago

Judge Dismisses Corruption Case Against New York City Mayor Eric Adams

2 hours ago

State Center Trustees Render Split Decision on Future of PLAs

2 hours ago

California’s Schools Chief Has a $200,000 Salary and a Side Gig

3 hours ago

Why Project Labor Agreements Are Good for Our Schools and Students: Opinion

3 hours ago

Trump Proposes Tax Deduction for Auto Loan Interest on US-Made Cars

3 hours ago

Western US Sees Sharp Increase in Extreme Weather Impact

4 hours ago

Amazon Said to Make a Bid to Buy TikTok in the US

4 hours ago

Fresno Man Found Dead, Coroner’s Office Seeks Help Finding Family

4 hours ago

The ‘Six’ Wives of King Henry VIII Sing Their Hearts Out in Fresno

4 hours ago

Supreme Court Sides With the FDA in Its Dispute Over Sweet-Flavored Vaping Products

WASHINGTON — The Supreme Court on Wednesday ruled for the Food and Drug Administration in its crackdown on sweet-flavored vaping products fo...

25 minutes ago

25 minutes ago

Supreme Court Sides With the FDA in Its Dispute Over Sweet-Flavored Vaping Products

55 minutes ago

Trump Announces Sweeping New Tariffs to Promote US Manufacturing, Risking Inflation and Trade Wars

A young Labrador mix rescued from a Fresno canal on Sunday, March 2, 2025, is thriving in a foster home after overcoming fear and trauma. (Instagram/Fresno Animal Center)
2 hours ago

Fresno Firefighters Save Dog From Canal and Now She’s Ready for Adoption

2 hours ago

Big Brands Spend Just Enough on X to Avoid Musk’s ‘Naughty List’

2 hours ago

Judge Dismisses Corruption Case Against New York City Mayor Eric Adams

2 hours ago

State Center Trustees Render Split Decision on Future of PLAs

3 hours ago

California’s Schools Chief Has a $200,000 Salary and a Side Gig

West Fresno satellite campus of Fresno City College
3 hours ago

Why Project Labor Agreements Are Good for Our Schools and Students: Opinion

Help continue the work that gets you the news that matters most.

Search

Send this to a friend