1 month ago
20
The BBC is reporting that the US markets watchdog has filed a lawsuit against Elon Musk.
The Securities and Exchange Commission, SEC, is alleging he failed to disclose that he had amassed a stake in Twitter, allowing him to buy shares at artificially low prices.
The SEC lawsuit alleges that the multi-billionaire Tesla boss saved US $150 million in share purchases as a result.
According to SEC rules, investors whose holdings surpass 5 per cent have 10 days to report that they have crossed that threshold.
The filing says Musk did so 21 days after the purchase.
In a social media post, Musk called the SEC a totally broken organisation.
He also accused the regulator of wasting its time when there are so many actual crimes that go unpunished.
The SEC complaint said Musk’s violation resulted in substantial economic harm to investors.
In a statement to the BBC, Musk’s lawyer, Alex Spiro, described the lawsuit as a sham and a campaign of harassment against his client.
English (US) ·