Elon Musk. Credit: Steve Jurvetson via Wikimedia CommonsSEC Files Lawsuit Against Elon Musk Over Untimely Twitter Ownership Disclosure
The complaint brings one claim against Musk, alleging he violated federal securities law by failing to properly disclose that as of March 14, 2022, he owned more than 5% of Twitter's outstanding shares, a threshold that's required to be disclosed publicly in a beneficial ownership report within 10 days. An attorney for Musk said the SEC could not bring an "actual case."
January 15, 2025 at 01:25 PM
3 minute read
The U.S. Securities and Exchange Commission has filed a lawsuit against Elon Musk, alleging he violated the Securities Exchange Act of 1934 by failing to file a form on time disclosing his ownership of what was at the time publicly traded Twitter stock.
The complaint, which was surfaced by Law.com Radar, was filed Tuesday in D.C. federal district court. The case has been assigned to U.S. District Judge Sparkle L. Sooknanan.
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