news 
Big News: SEC Moves Forward with $150 Million Lawsuit Against Elon Musk
According to ABC News, the Securities and Exchange Commission has decided to continue its $150 million lawsuit against Elon Musk. As stated in a court filing on Monday, the leader of the Department of Government Efficiency has agreed to address the lawsuit alleging that he misled investors during his purchase of millions of dollars in Twitter stock in 2022, before acquiring the company.
The SEC, under former chairman Gary Gensler, had filed a lawsuit in January, accusing him of securities fraud related to his $44 billion takeover of Twitter, now known as X. The lawsuit alleges that Musk failed to timely disclose his ownership stake in Twitter before completing the purchase in 2022.
According to the SEC, Musk’s failure to report his stake—which exceeded 5% of the company—before the March 24, 2022 deadline allowed him to undervalue the shares he acquired. Regulators claim this non-compliance resulted in Musk paying at least $150 million less than he should have for the shares purchased after his disclosure was due.
The lawsuit states that Musk filed his ownership report after the deadline, causing Twitter’s stock price to surge 27% following the filing.
Source: https://coinpedia.org/news/big-news-sec-moves-forward-with-150-million-lawsuit-against-elon-musk/
