The SEC has filed a lawsuit against Elon Musk, claiming he violated securities laws during his Twitter acquisition
Los Angeles: So, the SEC has decided to take Elon Musk to court. They’re saying he broke securities laws when he bought Twitter for a whopping $44 billion. This isn’t exactly new territory for Musk, as he’s had his fair share of run-ins with the SEC before.
The complaint claims Musk didn’t file a report on time about his Twitter shares before he made his ownership public. Because of this delay, he could buy shares at lower prices, which allegedly saved him around $150 million.
Musk’s lawyer, Alex Spiro, shot back, saying Musk hasn’t done anything wrong. He called the SEC’s move a “sham” and argued that it’s just a minor issue that shouldn’t even be a big deal.
This isn’t Musk’s first dance with the SEC. Back in 2018, he faced a lawsuit over his “funding secured” tweet about taking Tesla private, which ended with both Musk and Tesla paying $20 million in fines.
As of now, the SEC hasn’t commented on this latest lawsuit. Stay tuned for more updates as this story unfolds.
