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

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

California Senator Will Make Historic Appearance at Fresno City College Commencement

DON'T MISS

Gaza Ceasefire Talks in Cairo Near ‘Significant Breakthrough,’ Two Security Sources Say

DON'T MISS

Fresno County Farmer Sentenced to Prison in $650,000 Crop Insurance Fraud Case

DON'T MISS

Where Were the Most Car Crashes in Clovis? Police Release List

DON'T MISS

Protesters to Rally in Brooklyn After Pro-Israel Crowd Assaults Woman

DON'T MISS

Selma Teen’s Death May Be Tied to Fentanyl, Police Say

DON'T MISS

Blast Kills at Least 26 People in Nigeria’s Northeast, Residents Say

DON'T MISS

5-Year-Old Girl and Parents Among Those Dead in Vehicle Ramming in Vancouver

DON'T MISS

Feds Again Bump Up Water Allocation for Many Fresno County Farmers

DON'T MISS

Levi Strauss Shareholders Vote Against Proposal to End Diversity Programs

UP NEXT

Gaza Ceasefire Talks in Cairo Near ‘Significant Breakthrough,’ Two Security Sources Say

UP NEXT

Fresno County Farmer Sentenced to Prison in $650,000 Crop Insurance Fraud Case

UP NEXT

Where Were the Most Car Crashes in Clovis? Police Release List

UP NEXT

Protesters to Rally in Brooklyn After Pro-Israel Crowd Assaults Woman

UP NEXT

Selma Teen’s Death May Be Tied to Fentanyl, Police Say

UP NEXT

Blast Kills at Least 26 People in Nigeria’s Northeast, Residents Say

UP NEXT

5-Year-Old Girl and Parents Among Those Dead in Vehicle Ramming in Vancouver

UP NEXT

Feds Again Bump Up Water Allocation for Many Fresno County Farmers

UP NEXT

Levi Strauss Shareholders Vote Against Proposal to End Diversity Programs

UP NEXT

US and Mexico Have Reached Agreement on New World Screwworm, Ag Secretary Rollins Says

Where Were the Most Car Crashes in Clovis? Police Release List

11 hours ago

Protesters to Rally in Brooklyn After Pro-Israel Crowd Assaults Woman

12 hours ago

Selma Teen’s Death May Be Tied to Fentanyl, Police Say

12 hours ago

Blast Kills at Least 26 People in Nigeria’s Northeast, Residents Say

12 hours ago

5-Year-Old Girl and Parents Among Those Dead in Vehicle Ramming in Vancouver

13 hours ago

Feds Again Bump Up Water Allocation for Many Fresno County Farmers

13 hours ago

Levi Strauss Shareholders Vote Against Proposal to End Diversity Programs

13 hours ago

US and Mexico Have Reached Agreement on New World Screwworm, Ag Secretary Rollins Says

14 hours ago

Death Toll in Iran’s Bandar Abbas Port Blast Rises to 70

14 hours ago

Selma Mayor Responds to Criminal Charge

14 hours ago

California Senator Will Make Historic Appearance at Fresno City College Commencement

For the first time in Fresno City College’s 115-year history, a United States senator will speak at its commencement ceremony. California De...

11 hours ago

11 hours ago

California Senator Will Make Historic Appearance at Fresno City College Commencement

Palestinians gather at the site of an Israeli strike on a house, in Jabalia, in the northern Gaza Strip April 28, 2025. (REUTERS/Mahmoud Issa)
11 hours ago

Gaza Ceasefire Talks in Cairo Near ‘Significant Breakthrough,’ Two Security Sources Say

11 hours ago

Fresno County Farmer Sentenced to Prison in $650,000 Crop Insurance Fraud Case

11 hours ago

Where Were the Most Car Crashes in Clovis? Police Release List

Officers with the New York Police Department outside the Chabad Lubavitch World Headquarters in the Crown Heights neighborhood of Brooklyn, on Monday, April 28, 2025. The Police Department said it was preparing for new protests in Brooklyn on Monday after a woman was verbally and physically assaulted by hundreds of pro-Israel demonstrators there last week. (Victor J. Blue/The New York Times)
12 hours ago

Protesters to Rally in Brooklyn After Pro-Israel Crowd Assaults Woman

12 hours ago

Selma Teen’s Death May Be Tied to Fentanyl, Police Say

At least 26 people were killed and three injured on Monday when two vehicles struck an improvised explosive device in Nigeria’s insurgency-hit Borno state, an attack residents blamed on Boko Haram. (Shutterstock)
12 hours ago

Blast Kills at Least 26 People in Nigeria’s Northeast, Residents Say

Visitors pay their respects at a memorial after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP/Lindsey Wasson)
13 hours ago

5-Year-Old Girl and Parents Among Those Dead in Vehicle Ramming in Vancouver

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

Search

Send this to a friend