The regulatory authority of financial markets in the United States (SEC) sued tycoon Elon Musk by arguing that his buyback of Twitter shares in 2022 was carried out with violations, according to a court filing released Tuesday.
«The accused Elon Musk did not submit a timely report to the SEC beneficial ownership report to disclose its acquisition of more than five percent of Twitter’s outstanding common stock in March 2022, in violation of federal securities laws,” the agency said.
According to the SEC, this omission would have allowed “avoid payment of at least 150 million dollars for the shares he purchased after the expiration of his beneficial ownership” of the platform now named nothing bad,” Musk’s lawyer, Alex Spiro, told AFP.
The SEC had already filed a lawsuit against Musk in October 2024 to force him to testify as part of an investigation into the acquisition of Twitter, one of the numerous judicial proceedings linked to this controversial purchaseand had indicated that he had not shown up for a hearing, the date of which had already been changed several times.
A federal judge had then ordered Musk to appear before the SEC in February 2024. Spiro had assured that the statement of the head of Tesla and SpaceX had already been “taken several times within the framework of this mistaken investigation. “That’s enough.” The misrepresentations and attacks that arose in the months before the purchase, as well as the subsequent decisions of the new owner, gave rise to controversies and various legal actions by investors, former employees and companies that had contracts with Twitter.
Shareholders had already filed a lawsuit against Musk, accusing him of having disclosed his 5% share on Twitter after the deadline set by the SEC
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