The US Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of manipulating Twitter shares. Musk failed to report on time that he would reach the 5% threshold for the company's shares in 2022, which allowed him to buy shares at a discount, saving about $150 million. 💸⚖️
Under SEC rules, investors are required to disclose ownership of more than 5% of shares within 10 days. Musk reached that threshold on March 14, 2022, but didn't report it until April 4, 11 days late. ⏱️📅 Twitter's stock price jumped 27% after the disclosure! 📈💥
Now the SEC is demanding that Musk return the profits he made and pay a fine. Musk's lawyer, Alex Spiro, calls the lawsuit a "farce." 🧐🎯
Elon Musk bought Twitter in October 2022 for $44 billion and changed the platform's name to X. 🚀🔄
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