“The complaint further alleges that, due to Musk’s failure to timely file a beneficial ownership report with the SEC, investors that sold Twitter common stock between March 25, 2022 and April 1, 2022 did so at artificially low prices, thereby suffering substantial economic harm,” the release said.
Elon Musk speaks with guests including Donald Trump Jr. and U.S. President-elect Donald Trump. (Photo by Brandon Bell/Getty Images)
In October 2022, Musk officially became the sole owner of X, formerly known as Twitter, after a months-long legal battle after saying he had been originally misled about the number of spam or “bot” accounts on the site. In a litigation release from the government agency, the SEC says Musk “failed to timely file a beneficial ownership report” with the Commission after “acquiring beneficial ownership of more than five percent of the outstanding shares” of then-Twitter stock. (RELATED: Musk Completely Derails UK Political Establishment, Accuses PM’s Party Of Covering Up Muslim Rape Gangs)
Elon Musk did not immediately respond to the Daily Caller News Foundation’s request for comment.
