The Securities and Exchange Commission has filed suit against Elon Musk, alleging he violated securities law related to his $44 billion acquisition of Twitter, according to a federal docket.
The complaint alleges Musk “failed to timely file with the SEC a beneficial ownership report” disclosing his purchase of Twitter shares before he announced his ownership of the company.
“As a result, Musk was able to continue purchasing shares at artificially low prices, allowing him to underpay by at least […]
SEC accuses Elon Musk of securities violation in new suit – Business Insider