The US Federal Securities and Exchange Commission (SEC) has sued Elon Musk, alleging that his purchase of Twitter shares in 2022 was carried out in violations of the law.
“Defendant Elon Musk failed to timely file a beneficial ownership report with the SEC disclosing his acquisition of more than five percent of Twitter’s outstanding shares in March 2022, in violation of the federal securities laws,” the complaint states.
According to the SEC, this violation allowed Musk to continue to buy shares at “artificially low prices, and earn at least $150 million from it.”
Alex Spiro, Musk’s lawyer, called the lawsuit a “sham” and the result of a “year-long campaign of harassment” against his client.