Musk’s lawyer, Alex Spiro, said Musk “has done nothing wrong.” Spiro called the lawsuit a “farce.”
The US Securities and Exchange Commission (SEC) filed a case against billionaire Elon Musk. He was accused of failing to timely disclose information about his share of shares of Twitter (now social network X) in early 2022, even before he acquired this social network. Associated Press reports.
Musk was found to have paid “at least $150 million less” by buying shares after he was required to disclose his ownership of more than 5% of Twitter shares. Musk acquired Twitter in October 2022 and then renamed it X.
Musk began buying Twitter shares at the beginning of 2022, and in March of that year his stake exceeded 5%.
At that point, he was required by law to disclose his unit, but did so only on April 4, 11 days after the deadline, according to the complaint.
According to Musk’s lawyer, Alex Spiro, the lawsuit is “an admission by the SEC that they can’t make a real case.” He said Musk “did nothing wrong.” Spiro called the lawsuit a “farce.”
“With the SEC backing down and withdrawing its authority, its multi-year campaign of harassment against Mr. Musk ended up filing a minor Section 13(d) complaint alleging a possible administrative violation of failing to timely file a document. This violation, even if proven, carries only a nominal penalty” added Musk’s lawyer.
Recall that in April 2022, billionaire Elon Musk bought the social network Twitter for $44 billion after weeks of negotiations. In 2023, Musk announced that the popular social network will change its recognizable logo.
Source: korrespondent
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