New York CNN —
The US Securities and Exchange Commission sued Elon Musk on Tuesday for allegedly failing to properly disclose his ownership of X, then known as Twitter, as required by federal law, which allowed him to buy shares of the platform at “artificially low prices.”
Before he closed his $44 billion deal to buy Twitter in October 2022, Musk began to acquire a “significant number” of Twitter shares. By mid-March 2022, he owned more than 5% of the company’s common stock and was required to disclose that to the SEC within 10 calendar days. The
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