Additional Coverage:
- SEC accuses Elon Musk of securities violation in new suit (newsbreak.com)
The Securities and Exchange Commission (SEC) has accused Elon Musk of breaking securities laws during his acquisition of Twitter.
According to the SEC, Musk failed to report his purchase of Twitter shares on time, allowing him to buy them at lower prices. The commission claims this gave him an unfair advantage, saving him at least $150 million.
Musk’s lawyer has denied the allegations, calling the SEC’s actions “harassment.” He claims Musk did nothing wrong.
This is not the first legal battle between Musk and the SEC. In 2018, the agency sued Musk over his “funding secured” tweet about Tesla. That lawsuit resulted in a settlement with Musk and Tesla each paying $20 million in fines.
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- SEC accuses Elon Musk of securities violation in new suit (newsbreak.com)