US sues Elon Musk for allegedly failing to disclose early Twitter stock purchase
US sues Elon Musk for allegedly failing to disclose early Twitter stock purchase
Financial regulator alleges Musk later acquired shares of company at ‘artificially low prices’, stiffing shareholders
Summary
The SEC has sued Elon Musk, alleging he failed to disclose a timely 5% Twitter stake in 2022, allowing him to buy additional shares at "artificially low prices," underpaying by $150M.
Musk disclosed his stake 11 days late, after purchasing over $500M in shares, leading Twitter's stock to surge 27%.
Musk’s lawyer called the case baseless, accusing the SEC of harassment.
This follows prior SEC investigations into Musk for alleged securities fraud and insider trading related to Tesla stock sales.
Musk denies any wrongdoing.
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good thing we've put safeguards in place to prevent someone with ongoing investigations of criminal wrongdoing from having power in the US government.
what's that?
we don't?
in fact the only sure fire way to get away with your crimes is to get power in government?
well i guess at least the world's richest dickhead won't have much power since he's a neophyte.
what's that?
he's going to have the most power?
well that's terrible. guess i should move somewhere safe, so called canada.
what's that?
well fuck me.
You can’t go to Canada. They have effective boarder and immigration enforcement.
Aren’t there literally streets where each side is a different country?
I wonder how bad things have to get before we can request political asylum.
If you’re LGBTQ+, you can already claim asylum. Been that way since the first Trump term.
You are not getting refugee status as an American, full stop.
Prove it
yeah i know. but it's still fascinating watching every american's desperation hail mary country getting threatened with a little bit of anschluss
Yeah, this seasons writers are doing some great work.