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US sues Elon Musk for allegedly failing to disclose early Twitter stock purchase

Inshorts · 7m ago

US sues Elon Musk for allegedly failing to disclose early Twitter stock purchase

The US Securities and Exchange Commission has sued Elon Musk for allegedly failing to disclose his ownership of Twitter stock and later acquiring shares in the company at artificially low prices. The lawsuit seeks to force Musk to pay civil fine and disgorge profits he didn't deserve. Musk purchased Twitter for $44 billion in October 2022, and renamed it X.

Related News

Elon Musk's cousin was once found 'basically sobbing' in Twitter HQ over fears he'd be fired, author says

Business Insider

Business Insider · 1y ago

Elon Musk's cousin was once found 'basically sobbing' in Twitter HQ over fears he'd be fired, author says

Elon Musk's cousin, James Musk, was allegedly found in tears at Twitter's headquarters, fearing that he would be fired, according to author Ben Mezrich's new book "Breaking Twitter". Mezrich reveals that a former Twitter executive stumbled upon James Musk in a soundproof phone booth, describing him as overwhelmed and terrified of his own cousin. James Musk was brought into Twitter after Elon Musk acquired the company, and he was known for assisting Elon Musk with various tasks. Representatives for James Musk and Elon Musk have not commented on the matter.

Former Twitter CEO sues Elon Musk

TechCrunch · 1y ago

Former Twitter CEO sues Elon Musk

Elon Musk is facing a lawsuit from four former Twitter executives, including ex-CEO Parag Agrawal, who claim they are owed over $128 million in severance payments. The executives state that Musk has a vendetta against them due to their efforts to hold him accountable to a $44 billion commitment. Musk has previously ridiculed and targeted one of the executives, Vijaya Gadde, leading to racial online attacks against her. This lawsuit is not the first time Musk has faced legal action from former Twitter employees awaiting severance pay. The lawsuit alleges that Musk employs delay tactics to avoid paying what he owes.

US judge rejects SEC bid to sanction Elon Musk

Economic Times

Economic Times · 9m ago

US judge rejects SEC bid to sanction Elon Musk

A federal judge in San Francisco rejected the SEC's request to sanction Elon Musk for failing to appear for court-ordered testimony in the investigation of his Twitter takeover. The judge said sanctions were unnecessary since Musk testified later and agreed to pay travel costs. The SEC sought a declaration that Musk violated a court order, but Musk argued he complied by testifying. The SEC's request was deemed moot. Musk had been investigated for potentially violating securities laws in acquiring Twitter shares. In 2018, Musk settled with the SEC over his Twitter posts about taking Tesla private.

The SEC is sick of Elon Musk’s attempts to delay its Twitter investigation

The Verge

The Verge · 1y ago

The SEC is sick of Elon Musk’s attempts to delay its Twitter investigation

The US Securities and Exchange Commission (SEC) has accused Elon Musk of attempting to delay their investigation into his acquisition of Twitter, claiming he has "misrepresented" the scope of the investigation. The SEC has been investigating Musk since 2022 over his failure to disclose a substantial stake in Twitter before initiating his acquisition. Musk has fought against testifying to the SEC and accused them of "harassment". A federal judge previously ordered him to cooperate in the investigation, but the testimony has yet to take place. The SEC now alleges that Musk is using delay tactics to hinder the investigation.

Even Trump may not be able to save Elon Musk from his old tweets

Arstechnica

Arstechnica · 5m ago

Even Trump may not be able to save Elon Musk from his old tweets

Elon Musk is embroiled in a legal battle with the SEC over his acquisition of Twitter, accused of misleading investors. Tweets from Musk allegedly misled the public about his intentions, with claims of a deceptive scheme to acquire Twitter shares at lower prices. A court recently supported investor claims of Musk's alleged fraud, complicating his efforts to avoid SEC scrutiny. The legal outcome could lead to significant financial repercussions for Musk.

Elon Musk says he has found a new CEO for Twitter

Livemint

Livemint · 1y ago

Elon Musk says he has found a new CEO for Twitter

Elon Musk has announced that he has found a new CEO for Twitter, although he did not disclose the person's name. Musk stated that he will transition to the role of executive chair and CTO, overseeing product, software, and sysops. Since purchasing Twitter last year, Musk has been running the platform but has always maintained that he is not the permanent CEO. Tesla shareholders have expressed concerns that Musk's focus on Twitter is detracting from his responsibilities as CEO of the electric vehicle company.

Elon Musk and the SEC are on a collision course again

Livemint

Livemint · 1y ago

Elon Musk and the SEC are on a collision course again

The Securities and Exchange Commission (SEC) is investigating Elon Musk for his late disclosure of Twitter stock purchases. Court documents reveal that Musk and his adviser may have ignored compliance with a rule that required him to disclose his ownership once it surpassed 5% of Twitter's shares. The testimony provided to the SEC suggests that Musk violated the rule to keep his trading secret and prevent Twitter's share price from rising while he was buying it. The SEC is investigating whether Musk committed civil fraud by delaying his disclosure or misleading the market about his plans.

Elon Musk may be compelled to testify again in SEC's Twitter takeover probe

Economic Times

Economic Times · 1y ago

Elon Musk may be compelled to testify again in SEC's Twitter takeover probe

A federal judge may compel Elon Musk to testify again in the SEC's investigation into his Twitter takeover. Lawyers for Musk argued against the SEC's request for him to testify, alleging harassment with subpoenas. The judge did not make a decision during the hearing. The investigation focuses on whether Musk violated securities laws during his 2022 purchase of Twitter, now known as X. Musk has previously provided documents and testified for the SEC, but the agency seeks further testimony due to new documents. This ongoing dispute stems from Musk's 2018 tweet about taking Tesla private.

Elon Musk can seek review of order in SEC subpoena matter: US judge

Economic Times

Economic Times · 1y ago

Elon Musk can seek review of order in SEC subpoena matter: US judge

Tesla CEO Elon Musk has the option to request a US District Court to review a magistrate judge's order that he must testify in the Securities and Exchange Commission's investigation into his takeover of Twitter. Musk's lawyers intend to seek review of the order, which formalized a tentative ruling in favor of the SEC. The investigation revolves around whether Musk violated regulations when filing paperwork regarding his Twitter stock purchases and if his statements on the matter were misleading. Musk has previously accused the SEC of harassment and has resisted their attempts to interview him.

Cards Against Humanity sues SpaceX for ₹125 crore over property damage

Inshorts · 11m ago

Cards Against Humanity sues SpaceX for ₹125 crore over property damage

Cards Against Humanity is suing Elon Musk-led SpaceX for $15 million (₹125 crore) after it allegedly dumped construction equipment on the game company's private land in Texas. In its complaint, CAH compared pictures of the "pristine vacant property" in 2017 with images of the property today. SpaceX cleared the land of vegetation and compacted the soil with gravel, it alleged.

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