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SEC Accuses Elon Musk of Failing to Disclose Twitter Stock Purchases in 2022
The SEC sued Elon Musk on Tuesday, accusing the X owner of failing to properly disclose his purchases of Twitter stock in 2022.
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 stock prior to his acquisition of the social media platform in 2022. The suit alleges that Musk was required to file a “beneficial ownership” form with the SEC to disclose that he had amassed more than 5% of shares in the company by March 24, 2022. “During the period that Musk was required to publicly disclose his beneficial ownership but had failed to do so, he spent more than $500 million purchasing additional shares of Twitter common stock.
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