front pagePolicy supervisionSEC sues Elon Musk for violating X stock disclosure rules

SEC sues Elon Musk for violating X stock disclosure rules

Published on

spot_img

Yerevan (CoinChapter.com) - The U.S. Securities and Exchange Commission (SEC) sued Elon Musk, claiming that he violated U.S. securities laws by failing to timely disclose his purchase of shares in Company X. According to an SEC filing on January 14, Musk failed to report that he held more than 5% of shares in Company X by the required deadline in early 2022.


SEC details alleged financial gains
The SEC filing outlines Musk's stock purchases beginning in early 2022 and notes that he exceeded the 5% ownership threshold by March 14, 2022. However, Musk continued to buy shares without disclosing his holdings. Between March 24 and April 4, 2022, he is alleged to have acquired X shares at lower prices, avoiding costs of at least $150 million.

“Musk’s failure to promptly disclose his equity ownership deprived other investors of the opportunity to act on material information,”
The SEC said it accused Musk of buying X shares at a lower price by taking advantage of the delayed disclosure.
In addition, the SEC requested a jury trial and required Musk to disgorge his profits and pay civil penalties.
Musk and his lawyers respond to the allegations
Musk publicly responded to the lawsuit in a January 15, 2022 post, calling the SEC a "completely broken institution."


Musk's lawyer, Alex Spiro, also issued a statement on the lawsuit, calling the SEC's lawsuit "petty accusations" and saying it represents years of targeting Musk.

"Mr Musk did nothing wrong, and everyone sees that,"
Spiro said.
Background on the X (Twitter) acquisition
It is worth noting that Musk officially acquired Twitter for $44 billion on April 25, 2022. After the acquisition, he renamed the company X, fired its senior executives, and laid off most of the employees. These changes have led to regulatory scrutiny in regions such as Europe and Australia.
The SEC's lawsuit adds to a growing list of legal challenges facing Musk.

Latest Articles

Hedera价格预测:是否会飙升至8美元?随着Lightchain AI吸引主要投资者,市场展望乐观

Hedera价格预测显示,它可能会飙升至8美元,围绕该项目的看涨前景正在逐渐形成。随着Hedera的势头增强,Lightchain AI也在吸引重要投资者,已经在预售阶段以0.006美元的价格筹集了超...

卡尔达诺触发重大买入信号,FXGuys预售目标在2025年第三季度达到1000万美元

Cardano(ADA)发出明确的买入信号,激励交易者和机构支持者 ADA似乎有可能因更高的资金流入和积极的技术信号而上涨。然而,随着Cardano的发展,FXGuys的第三阶段预售突破450万美元...

这一区块链突破能否比Solana更快地带来20倍收益?

这种区块链突破能否带来比Solana更快的20倍收益?Lightchain AI 已经通过预售筹集了超过 1720 万美元,预售价格为 0.006 美元,并且将自己定位为加密领域最有前景的项目之一。凭...

索拉纳与以太坊:抛开以太坊在即将到来的山寨币季节达到15000美元的预期,SOL和该加密货币更具上涨潜力

尽管当前市场态势鹰派,关于哪种代币将在即将到来的Altseason中引领潮流的猜测仍在继续。作为主要的山寨币,以太坊(ETH)可能会未能达到其15,000美元的价格目标。然而,投资者可以从Solana...

More Articles

Hedera价格预测:是否会飙升至8美元?随着Lightchain AI吸引主要投资者,市场展望乐观

Hedera价格预测显示,它可能会飙升至8美元,围绕该项目的看涨前景正在逐渐形成。随着Hedera的势头增强,Lightchain AI也在吸引重要投资者,已经在预售阶段以0.006美元的价格筹集了超...

卡尔达诺触发重大买入信号,FXGuys预售目标在2025年第三季度达到1000万美元

Cardano(ADA)发出明确的买入信号,激励交易者和机构支持者 ADA似乎有可能因更高的资金流入和积极的技术信号而上涨。然而,随着Cardano的发展,FXGuys的第三阶段预售突破450万美元...

这一区块链突破能否比Solana更快地带来20倍收益?

这种区块链突破能否带来比Solana更快的20倍收益?Lightchain AI 已经通过预售筹集了超过 1720 万美元,预售价格为 0.006 美元,并且将自己定位为加密领域最有前景的项目之一。凭...
en_GBEnglish