SEC sues Elon Musk: Allegations uncovered about Twitter share bakes!

SEC sues Elon Musk: Allegations uncovered about Twitter share bakes!

The US stock exchange supervisory authority SEC has sued Tech billionaire Elon Musk because of his delayed duty to buy Twitter in 2022. The authority accuses Musk of disclosing its participation in Twitter too late, which made it possible for him to acquire shares at a cheaper price. Musk is said to have achieved around $ 150 million of illegal profits, as the SEC emphasizes in her lawsuit. The accusation is that Musk only made his participation of over five percent public on April 4, 2022, although he had already exceeded this brand on March 14, which would have made a timely report of ten calendar days, such as 20 minutes reported.

The SEC argues that Musks had late report to ensure that the share price shot up by more than 27 percent after the announcement. Musk, who finally acquired Twitter in October 2022 for $ 44 billion and renamed the platform into X, sees the allegations as unfounded. His lawyer Alex Spiro said that "Mr. Musk did nothing wrong" and sees the lawsuit as part of a long campaign against his client. The authority not only demands the repayment of the illegally acquired profit, but also an additional fine to protect the interests of the shareholders who have suffered financial disadvantages during this time, so .

future of the lawsuit uncertain