Elon Musk in the crosshairs: SEC raises severe allegations for Twitter deals!

Elon Musk in the crosshairs: SEC raises severe allegations for Twitter deals!

Washington, USA - The situation around Elon Musk, the mighty CEO of Tesla and Twitter, is peaking. According to a lawsuit by the US stock exchange supervision, Musk is accused of not properly disclosed by his Twitter share purchases in 2022. This allegedly enabled him to acquire the shares at lower prices, which led to financial damage to other investors. In the submitted lawsuit it is claimed that Musk paid at least $ 150 million (around 146 million euros) less than he should have done because he failed to make his transparency obligation. This violation of the regulations happened when he already had 9 percent of the Twitter shares before reporting his ownership on April 4, 2022-11 days after the legally prescribed period, as reported today.

allegations of the misinformation

The SEC argues that Musks delayed information made it possible for him to overprint other investors who may have sold shares at a lower price. In a reaction, Musk described the SEC as a "political tool" that is based on unfounded accusations and has not done anything wrong. Musk's lawyer, Alex Spiro, emphasizes that the lawsuit is a farce and makes it clear that Musk had not committed anything illegal. This stirs up the controversy about Musk's handling of the regulatory requirements and its effects on investors.

The SEC not only calls for a fine, but also the return of the illegally achieved profits. These legal difficulties for Musk come at a time when Donald Trump is in discussion, which further strengthens the political dimension of his business decisions. The coming months could be crucial to see whether the new managers of the SEC will continue the lawsuit under the new chairman Paul Atkins, while Musk will continue to be present in the political and financial headlines, reported CBS News.