Elon Musk was sued on Tuesday by the Securities and Exchange Commission for having failed to timely disclose purchasing more than 5% of Twitter’s common stock in March 2022 — a parting shot at the mogul by lame-duck SEC boss Gary Gensler.
In a complaint filed in Washington, DC, federal court, the SEC said the delay allowed Musk to continue buying Twitter shares at artificially low prices, allowing him to underpay by at least $150 million.
A lawyer for Musk said the billionaire did nothing wrong and called the SEC case a “sham.”
The SEC wants Musk — who has since rebranded Twitter to X — to pay a civil fine and disgorge profits he was not entitled to.
Alex Spiro, a lawyer for Musk, in an email said: “Mr. Musk has done nothing wrong and everyone sees this sham for what it is.” […]
— Read More: nypost.com
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