SEC sues Elon Musk, says he cheated Twitter investors out of $150 million

Quick Summary:

SEC: Late disclosure helped Musk buy Twitter shares at $150 million discount.

"During the period that Musk was required to publicly disclose his beneficial ownership but had failed to do so, he spent more than $500 million purchasing additional shares of Twitter common stock," it said.

Twitter's stock price rose 27 percent once Musk belatedly disclosed his stake, the lawsuit said.

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Article Details

Author / Journalist: Jon Brodkin

Category: Technology

Markets: United States

Topics: Elon Musk Sec elon musk Policy

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-15 @ 16:10:22 (15 hours ago)

News Timezone: GMT -5:00

News Source URL: arstechnica.com

Language: English

Article Length: 186 words

Reading Time: 2 minutes read

Sentences: 36 lines

Sentence Length: 6 words per sentence (average)

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

Copyright Owner: © Ars Technica

News ID: 25180457

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About Ars Technica

Main Topics: Technology

Official Website: arstechnica.com

Update Frequency: 10 posts per day

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Headquarters: United States

News Last Updated: 12 hours ago

Coverage Areas: United States

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Publisher ID: #32

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