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SEC Sues Elon Musk For Not Disclosing Twitter Stock Purchases
Earlier this week, the U.S. Securities and Exchange Commission filed a lawsuit against billionaire tech mogul Elon Musk, accusing him of failing to disclose his ownership of Twitter stock under federal law. As a result, he was able to buy more shares and eventually the entire company at an "artificially low price."
Before agreeing to acquire the social media giant, Elon Musk actively bought Twitter shares. By mid-March 2022, he had acquired more than 5% of the company's common stock. This means that, by the beneficial ownership reporting requirement, under the Securities Exchange Act of 1934, he is required to report his ownership to the SEC within 10 calendar days, which deadline expires on March 24, 2022. In the following days, from March 25, 2022 to April 1, 2022, he made additional purchases, totaling over $500 million. The SEC alleges that because the public was unaware of Musk's activities, they couldn't price it in the press. As a result, Musk caused damages to other shareholders of at least $150 million. The SEC alleges that the damages also extended to those who sold their shares at the end of March: "Because Musk did not timely file a beneficial ownership report with the SEC, investors who sold Twitter common stock during the period from March 25, 2022, to April 1, 2022, did so at artificially depressed prices and suffered significant economic harm". The outcome of the lawsuit is still unknown, but the impact of Musk's tweets on Twitter cannot be denied. On March 31, just a few days before revealing his buying transactions, Twitter's stock price was $39.35, soaring to $54.51 on April 5, a 38.5% increase. It can be certain that Musk will contest the lawsuit. In mid-December, the SEC is said to have proposed a settlement, but Musk's lawyers declined, accusing the SEC of "engaging in an inappropriate campaign" against Musk, individuals, and companies associated with him. A witch hunt, if you will.