U.S. SEC sues Elon Musk over Twitter takeover

The SEC alleges that Musk began buying up Twitter shares in early 2022, and crossed the 5 per cent mark on March 14, 2022. By law, he should have disclosed this fact publicly within 10 calendar days, but he didn’t announce that he already held 9 per cent of the company until April 4 – 11 days too late, the SEC said. According to the SEC filing, Twitter’s share price jumped by 27 per cent following the disclosure. The agency analysed Musk’s purchases and concluded that he “underpaid by at least 150 million dollars for his purchases of Twitter common stock in this period.”