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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.
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 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.
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.
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 civil complaint added that by April 4, when Musk disclosed his ownership in the company, Twitter’s stock price had jumped more than 27 percent. “On April 4, 2022, eleven days after a ...
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 ...
The Securities and Exchange Commission filed a lawsuit Tuesday against Elon Musk, accusing the owner of X of failing to properly disclose his purchases of Twitter stock prior to his acquisition of ...