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Musk accused by SEC of bilking Twitter investors out of millions

Business Mirror LogoBusiness Mirror16h ago

Musk accused by SEC of bilking Twitter investors out of millions - Business Mirror

Quick Summary:

Elon Musk cheated Twitter shareholders out of more than $150 million by waiting too long to disclose his growing stake in the company as he prepared a takeover bid, the US Securities and Exchange Commission claimed in a lawsuit filed days before the Trump administration takes over.

Musk under Section 13(d) for an alleged administrative failure to file a single form—an offense that, even if proven, carries a nominal penalty,” Spiro said in a statement.

Musk filed the report 11 days later, making the company’s stock price surge by 27% from the day before, according to the lawsuit.


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Article Details

Author / Journalist: Nicola M. White & Chris Dolmetsch | Bloomberg

Category: BusinessStartups

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-15 @ 11:01:25 (16 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 758 words

Reading Time: 5 minutes read

Sentences: 29 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 25174494

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About Business Mirror

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Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 93 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 11 hours ago

Coverage Areas: Philippines

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #37

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