US markets watchdog sues Elon Musk over Twitter stake disclosure

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US markets watchdog sues Elon Musk over

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stake disclosure

The US markets watchdog has filed a lawsuit against Elon Musk alleging he failed to disclose that he had amassed a stake in

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, allowing him to buy shares at “artificially low prices.”

The Securities and Exchange Commission (SEC) lawsuit alleges that the multi-billionaire Tesla boss saved $150m (£123m) in share purchases as a result.

According to SEC rules, investors whose holdings surpass 5% have 10 days to report that they have crossed that threshold. Musk did so 21 days after the purchase, the filing says.

Musk’s lawyer did not immediately respond to a BBC News request for comment.

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’s share price rose by more than 27% after Musk made his share purchase public, the SEC said.

Musk ended up buying

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for $44bn in October 2022 and has since changed the platform’s name to X.

The complaint was submitted by the SEC on Tuesday to a federal court in Washington DC.

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#markets #watchdog #sues #Elon #Musk #

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#stake #disclosure

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