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The lawsuit further declared that Musk was not permitted by the acquisition contract to place the deal on hold, and that Musk's misleading statements had contributed to declining Twitter stock prices. [82] [83] Former Twitter security chief Peiter Zatko claimed that the company had misled the public on its privacy and security woes.
The suit alleges Musk violated federal securities laws, enabling him to purchase shares of Twitter at artificially low prices before his $44 billion takeover of the social media site.
In its lawsuit filed Tuesday, the SEC accused Musk of misleading shareholders as he began to amass millions of dollars in Twitter stock in March 2022. While Musk would ultimately acquire the ...
The SEC said that at the expense of unsuspecting investors, Musk instead bought more than $500 million of Twitter shares at artificially low prices before finally revealing his purchases on April ...
The lawsuit from the SEC against Musk is essentially about him not disclosing his purchase of a large portion of Twitter’s stock in the months before he announced his intention to buy the company.
Elon Reeve Musk (/ ˈ iː l ɒ n m ʌ s k /; born June 28, 1971) is a businessman and U.S. special government employee, best known for his key roles in Tesla, Inc., SpaceX, and the Department of Government Efficiency (DOGE), and his ownership of Twitter. Musk is the wealthiest individual in the world; as of February 2025, Forbes estimates his ...
The SEC launched an investigation into Musk in April 2022 over his initial purchase of Twitter stock ... own more than 5 percent of a company. Musk did not disclose any Twitter holdings until ...
The investigation, which escalates a long-running feud between the SEC and Musk, concerns whether Musk broke federal securities laws in 2022 when he bought stock in Twitter, which Musk renamed X ...