Reported about 5 hours ago
The SEC has filed a lawsuit against Elon Musk, accusing him of defrauding Twitter shareholders by failing to report his acquisition of more than 5% of the company's shares in a timely manner during his 2022 takeover bid. The commission claims this delay allowed Musk to buy shares at artificially low prices, costing shareholders significantly. The lawsuit was filed as SEC Chair Gary Gensler's term comes to a close, raising questions about the future direction of the SEC's actions against Musk.
Source: YAHOO