SEC sues Elon Musk, says he cheated Twitter investors out of $150 million
Twitter's stock price rose 27 percent once Musk belatedly disclosed his stake, the lawsuit said. "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.
The Securities Exchange Commission has filed suit against Elon Musk, alleging that he violated securities law.
Elon Musk was sued on Tuesday by the U.S. Securities and Exchange Commission, which accused the world's richest person of ...
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