- 17:03LiFtour 2025: Driving insights into Morocco’s economic health through advertising trends
- 16:16CIH Bank reports impressive growth in 2024 financial results
- 15:40New directors appointed for Nador, Agadir airports to enhance operations
- 15:15Morocco's criminal law code open to reform, but concerns linger over DNA database
- 14:40How the USAID cuts under Trump impact Moroccan development efforts
- 14:16Morocco chosen to host African finance ministers’ conference in 2026
- 13:50Travel disruptions escalate as severe weather hampers ferry services between Spain and Morocco
- 13:20Tesla's Canadian dealerships accused of fraud over $43 million in EV rebates
- 12:50Strengthening Africa’s Cybersecurity Landscape at GITEX 2025
-
Prayer times
RABAT2025-03-15
Follow us on Facebook
SEC Sues Elon Musk for Late Disclosure of Twitter Stake
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of failing to disclose his acquisition of a significant stake in Twitter within the legally required timeframe. The alleged violation pertains to Musk's delay in notifying regulators after surpassing the threshold of 5% ownership of Twitter stock in March 2022.
According to the SEC, investors who acquire more than 5% of a company’s stock are mandated to disclose their holdings within ten days. Musk reportedly did not comply with this requirement, enabling him to continue purchasing shares at prices that the SEC claims were artificially low. This delay, the SEC alleges, allowed Musk to save at least $150 million while acquiring additional shares.
Musk eventually disclosed his ownership of more than 9% of Twitter's stock on April 4, 2022—11 days after the deadline. On the day of his announcement, Twitter's stock price surged by 27%, reflecting the influence of his disclosure on market dynamics. The SEC contends that Musk’s failure to disclose timely information deprived investors of the ability to make informed decisions, causing them substantial financial harm.
Musk’s legal team dismissed the lawsuit, labeling it a baseless complaint and part of a broader pattern of harassment. The case marks the third time the SEC has sued Musk, following a 2018 lawsuit over his controversial claims about taking Tesla private, which led to a $20 million settlement and stricter oversight of his public statements.
This latest SEC action comes as Musk's influence in the corporate and political arenas remains significant. His controversial $44 billion acquisition of Twitter in October 2022 followed months of legal and financial disputes. The SEC's lawsuit, filed shortly before the departure of SEC Chair Gary Gensler, raises questions about its future direction under new leadership.
Comments (0)