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Elon Musk Sued In U.S. For Not Disclosing ‘Large Stake’ In Twitter Before Buying Platform | N18G
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Elon Musk was sued on Tuesday (January 14) by the U.S. Securities and Exchange Commission, which accused the world's richest person of waiting too long to disclose in 2022 he had amassed a large stake in Twitter, the social media company he later bought.
In a complaint filed in Washington, D.C. federal court, the SEC said Musk violated federal securities law by waiting 11 days too long to disclose his initial purchase of 5% of Twitter's common shares.
An SEC rule requires investors to disclose within 10 calendar days, or by March 24, 2022 in Musk's case, when they cross a 5% ownership threshold.
#elonmusk #twitter #spacex #moneycontrol #moneycontrolive
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In a complaint filed in Washington, D.C. federal court, the SEC said Musk violated federal securities law by waiting 11 days too long to disclose his initial purchase of 5% of Twitter's common shares.
An SEC rule requires investors to disclose within 10 calendar days, or by March 24, 2022 in Musk's case, when they cross a 5% ownership threshold.
#elonmusk #twitter #spacex #moneycontrol #moneycontrolive
Follow us:
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