{"id":41212,"date":"2025-01-15T01:39:55","date_gmt":"2025-01-15T01:39:55","guid":{"rendered":"https:\/\/sasquatchnewsonline.com\/?p=41212"},"modified":"2025-01-15T01:39:55","modified_gmt":"2025-01-15T01:39:55","slug":"just-in-biden-sec-sues-elon-musk-over-twitter-stock-purchase-accuses-him-of-underpaying-investors-by-more-than-150-million","status":"publish","type":"post","link":"https:\/\/sasquatchnewsonline.com\/?p=41212","title":{"rendered":"JUST IN: Biden SEC Sues Elon Musk Over Twitter Stock Purchase, Accuses Him of Underpaying Investors by More Than $150 Million"},"content":{"rendered":"

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Elon Musk appears on Joe Rogan podcast<\/figcaption><\/figure>\n

Biden\u2019s Securities and Exchange Commission (SEC) on Tuesday filed a lawsuit against Elon Musk over his 2022 purchase of Twitter.<\/p>\n

In October 2022 Elon Musk\u00a0officially closed the deal<\/a>\u00a0to purchase Twitter for $54.20 per share \u2013 or about $44 billion.<\/p>\n

According to the SEC, Elon Musk allegedly failed to properly disclose his 5% Twitter stock purchase in 2022 in the months leading up to his purchase of the platform.<\/p>\n

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<\/div>\n<\/div>\n

The SEC claimed because Elon Musk purchased the stock at \u201cartificially low prices,\u201d he underpaid investors by $150 million.<\/p>\n

\u201cMusk paid significantly less for the shares of Twitter common stock he purchased between March 25, 2022 and April 1, 2022 than if he had timely disclosed,\u201d the lawsuit said, according to CNN<\/a>.<\/p>\n

Politico reported<\/a>:<\/p>\n

\n

The Securities and Exchange Commission on Tuesday filed a lawsuit against Elon Musk over the billionaire\u2019s alleged failure to properly disclose his purchase of Twitter stock in 2022.<\/p>\n

For 11 days, Musk \u2014 the world\u2019s richest man and a major backer of President-elect Donald Trump \u2014 allegedly failed to properly file notice that he had acquired a major stake in Twitter, the SEC said in a court filing in Washington. The SEC said that as a result Musk benefited from what it described as \u201cartificially low prices\u201d as he snatched up shares in the company.<\/p>\n

\u201cIn total, Musk underpaid Twitter investors by more than $150 million for his purchases of Twitter common stock during this period,\u201d the SEC said in its complaint. \u201cInvestors who sold Twitter common stock during this period did so at artificially low prices and thus suffered substantial economic harm.\u201d<\/p>\n<\/blockquote>\n

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The post JUST IN: Biden SEC Sues Elon Musk Over Twitter Stock Purchase, Accuses Him of Underpaying Investors by More Than $150 Million<\/a> appeared first on The Gateway Pundit<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Elon Musk appears on Joe Rogan podcast Biden\u2019s Securities and Exchange Commission (SEC) on Tuesday filed a lawsuit<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-41212","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nJUST IN: Biden SEC Sues Elon Musk Over Twitter Stock Purchase, Accuses Him of Underpaying Investors by More Than $150 Million - Sasquatch News Online<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sasquatchnewsonline.com\/?p=41212\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JUST IN: Biden SEC Sues Elon Musk Over Twitter Stock Purchase, Accuses Him of Underpaying Investors by More Than $150 Million - 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