Reported about 14 hours ago
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, alleging he defrauded Twitter shareholders out of over $150 million by delaying disclosure of his substantial stake in the company while preparing a takeover bid. The SEC claims Musk failed to report owning more than 5% of Twitter's stock in early 2022, allowing him to buy shares at artificially low prices and causing economic harm to investors who sold their stock during this period. Musk's attorney denied any wrongdoing, calling the SEC's actions a baseless harassment campaign.
Source: YAHOO