The US Securities and Exchange Commission sued Musk: Failure to disclose the purchase of Twitter shares, less than $150 million

On January 15, the Securities and Exchange Commission filed a lawsuit in federal court in Washington, D.C., on Tuesday, suing Musk for alleged securities violations. The SEC said Musk purchased more than 9% of Twitter's common stock in March 2022, but failed to disclose the relevant information in a timely manner, violating federal securities laws. The delay was 11 days before Musk publicly disclosed his beneficial ownership in a report to the SEC on April 4, 2022. The delay allowed Musk to continue buying Twitter stock at an artificially depressed price, spending at least $150 million less. On April 4, 2022, Twitter's stock price rose by more than 27% from the previous day's closing price. Musk's lawyer responded by saying that Musk had done nothing wrong and that the lawsuit was "a farce". < br > < img src = "https://flash-scdn.jin10.com/flash_dli/jin_fanti/9b2afae0-2ed2-bd28-90aa-1736897508790.png" referrerpolicy = "no-referrer" >