By Kolawole Ojebisi
The co-founder and Chief Executive Officer of Tesla, Elon Musk, has been accused of failing to disclose his acquisition of a significant stake in Twitter within the required framework.
The US Securities and Exchange Commission (SEC) made this accusation in a lawsuit filed against the world richest man.
The regulator alleged that this delay allowed Musk to purchase shares at “artificially low prices,” saving him $150m (£123m).
The commission claimed that Musk’s action violated its laid down guidelines
It stressed that under SEC rules, investors must report holdings exceeding 5% within 10 days.
The lawsuit claims Musk waited 21 days after crossing the threshold to make his purchase public.
According to the SEC, this delay caused “substantial economic harm to investors.”
Musk, who acquired Twitter for $44bn in October 2022 and rebranded it as X, criticised the regulator in a social media post, calling it a “totally broken organisation” that wastes time on lawsuits while “so many actual crimes… go unpunished.”
In a statement to BBC News, Musk’s lawyer, Alex Spiro, dismissed the case as a “sham” and “a campaign of harassment” against his client.
The SEC filing, submitted to a federal court in Washington DC, seeks to compel Musk to relinquish “unjust” profits and pay a fine. The regulator also highlighted how Twitter’s share price surged by more than 27% after Musk disclosed his stake on 4 April 2022.
This is not Musk’s first conflict with the SEC. In 2018, the regulator charged him with misleading investors over claims he had “funding secured” to take Tesla private.
Musk later settled the charges, stepped down as Tesla’s board chairman, and agreed to restrictions on his social media activity about the company.
The SEC has faced its own political challenges under its current head, Gary Gensler. President-elect Donald Trump recently vowed to dismiss Gensler on his first day in office.
“There are no contradictions amongst the African masses – only amongst Africa’s elites” – Amilcar…
By Abiola Olawale A two-term Ekiti State Governor and one time minister of Solid Minerals,…
Vice President Professor Naana Jane Opoku-Agyemang issued a soulful call to action, urging Ghanaians to…
*'Why Them, Why Now, Why This Way?'- Chief of Staff Asks Amid Helicopter Crash Grief*…
07/08/25 *On that partly cloudy but dark day,* Carlos Calony and the cameraman of JoyNews…
08/08/25 A nation is wounded in the heart when an unfathomable tragedy befalls. It is…
View Comments
Your writing has a way of making even the most complex topics accessible and engaging. I'm constantly impressed by your ability to distill complicated concepts into easy-to-understand language.
qhelvp
Please let mme kjow iff you're looking foor a authr foor your site.
You have sime really good posts annd I beelieve I would be a glod asset.
If you ever want tto takke soome oof the lpad off, I'd
absolutely love tto write soome articles for your blog iin excange foor a link bback to mine.
Pleae sennd mee ann e-mail iff interested. Maany thanks!
Mitolyn is a powerful supplement designed to enhance mitochondrial function, support energy production, and promote overall cellular health. Formulated with essential nutrients and antioxidants, it helps reduce fatigue, improve cognitive function, and optimise metabolic performance. Ideal for those seeking increased vitality and endurance, Mitolyn provides a natural solution for sustained energy and well-being.
4nk7ct
UID_92113907###
test
UID_58198549###
test
UID_22300253###
test
UID_67047504###
test