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Home Breaking News

Elon Musk Sued by US Markets Authority for Twitter Stake Breach

by Hassan Saheed
January 15, 2025
in Breaking News, Business News
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Elon Musk Sued by US Markets Authority for Twitter Stake Breach
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The US Securities and Exchange Commission (SEC) has sued Elon Musk, accusing him of failing to disclose his 5% stake in Twitter within the required 10-day period, allowing him to purchase shares at “artificially low prices” and save $150 million. The lawsuit claims Musk delayed his disclosure by 21 days. In response, Musk criticised the SEC on social media, calling it a “totally broken organisation.”

Elon Musk has accused the SEC of wasting its time on his case while ignoring more serious crimes. The SEC’s lawsuit claims his delay in disclosing his Twitter stake caused significant harm to investors. Musk’s lawyer, Alex Spiro, called the lawsuit a “sham” and “harassment.” Following Musk’s public purchase of Twitter shares in April 2022, Twitter’s share price rose by over 27%. Musk later acquired the platform for $44 billion in October 2022 and rebranded it as X. The SEC is seeking to have Musk return “unjust” profits and pay a fine. This lawsuit follows previous SEC conflicts with Musk, including a 2018 charge over fraudulent claims about Tesla’s privatization.

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Hassan Saheed

Hassan Saheed

I am a passionate and driven individual transitioning from university life into the professional world. A graduate of Bachelor's degree in Business Administration, I possess a versatile skill set that enables me to excel in various domains. As a data analyst, I have a profound love for numbers and a firm grasp on statistical analysis tools. My ability to analyze complex data sets and extract valuable insights allows me to make informed decisions and contribute to the success of businesses. I am always eager to acquire new techniques and stay updated with the latest trends in data analysis to enhance my expertise in this field. In addition to my analytical abilities, I am also a skilled graphics designer. I have a creative eye and a knack for transforming ideas into visually appealing designs. Whether it is crafting stunning logos or designing captivating marketing materials, my attention to detail and my understanding of branding principles enable me to deliver aesthetic designs that resonate with target audiences. Beyond academics, I have a strong commitment to giving back to the community. I actively engage in volunteer work, leveraging my skills and knowledge to support causes that I am passionate about. I find profound fulfillment in being able to make a positive impact on the lives of others and strive to continuously contribute to society. Furthermore, I am experienced in managing freelance projects. This aspect of my life has allowed me to enhance my problem-solving skills, sharpen my communication abilities, and build strong working relationships with clients. I thoroughly enjoy the entrepreneurial aspect of freelancing and relish the challenges and opportunities it presents. As I embark on my professional journey, I am eager to apply my diverse skills and knowledge to contribute to the success of an organization. I am open to new opportunities where I can continue to learn, grow, and make a meaningful impact. If you are interested in collaborating or discussing potential professional engagements, please feel free to reach out.

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