Posted on 01/14/2025 10:22:18 PM PST by E. Pluribus Unum
Elon Musk was sued on Tuesday by the Securities and Exchange Commission for having failed to timely disclose purchasing more than 5% of Twitter’s common stock in March 2022 — a parting shot at the mogul by lame-duck SEC boss Gary Gensler.
In a complaint filed in Washington, DC, federal court, the SEC said the delay allowed Musk to continue buying Twitter shares at artificially low prices, allowing him to underpay by at least $150 million.
A lawyer for Musk said the billionaire did nothing wrong and called the SEC case a “sham.”
The SEC wants Musk — who has since rebranded Twitter to X — to pay a civil fine and disgorge profits he was not entitled to.
Alex Spiro, a lawyer for Musk, in an email said: “Mr. Musk has done nothing wrong and everyone sees this sham for what it is.”
The Wall Street sheriff had approached the world’s richest man with a take-it-or-leave-it settlement offer to pay an eye-popping $263 million in early December, giving Musk 48 hours to respond, sources close to the situation told The Post.
Musk revealed the settlement talks in a Dec. 12 post on X and brushed off the demand, but never said how much Gensler was seeking.
“Oh Gary, how could you do this to me?” Musk wrote in the Dec. 12 post.
The SEC declined to comment beyond the suit.
The lawsuit comes less than three weeks after Spiro told the SEC that the $263 million settlement offer was an “exorbitant and unprecedented amount,” according to a letter the lawyer sent to the agency that was viewed by The Post.
“For the SEC staff to recommend that the Commission authorize a litigated action to seek over $263 million in monetary relief in a case in which the staff acknowledges that they are not...
(Excerpt) Read more at nypost.com ...
Is anybody keeping a list of these bitter losers deliberately sabotaging the country in these final Biden days as they throw dirt at Trump and his associates?
Apparently, they are appealing the Ripple settlement saying $125,000,000.00 settlement amount wasn’t enough and they want like a billion-dollar settlement.
The only reason Elon got political in the first place is because he knew there were multiple DOJ investigations into FSD, his conduct at Tesla, and various other fraudulent activity he is involved in.
Elon went searching for a candidate to buy so they can bail him out with these investigations.
I hope that Trump does not interfere and allows these charges to play out and Elon to face the music. Elon clearly expects the next guy to drop his latest SEC fraud case.
Bullshit, if all he wanted was protected from illegal dealings, his best bet would have been to support the current regime, as we all know if you’re a democrat supporter you can basically get away with anything.
How is Musk not entitled to the profits his company owns?
How has he suppressed the price of Twitter to take advantage of its perceived price and real market value?
Gensler was not the “Sheriff” of Wall Street. He was an out-of-control mafioso, acting without legislative authority and with no interest in protecting the public or upholding the law during his tenure. He deserves to rot in a jail cell or hanging after a public execution for this crimes against the country.
Elon supported Obama, Hillary and Biden in 2020.
If people knew a sale would be going on, the price of Twitter’s stock would have risen. By fraudulently concealing his stake in Twitter for as long as possible, he kept the stock price artificially low.
So why would they turn on him if he continued to support them?
How dare you support Trump!
Who says they did? Elon has been committing crimes for years. Maybe for whatever reason they wouldn’t jump fast enough when he yelled jump, or Elon sensed they were on the losing side and decided to jump to the Republicans. Either way, even though there are investigations that have been ongoing since before he started getting noisy, he’s going to scream “political persecution!” and the clowns on this website will eat it up without asking themselves if he’s actually guilty.
Which crimes has he committed?
Can Trump pardon him?
I despise Gensler, the POS. XRP was targeted when it was gaining speed and has been under attack for years to give Etherium an unfair leg up. I’d be a multi multi multi millionaire if it wasn’t for Gensler.
Gary Gensler, Marc Elias(over 60 lawsuits attacking voter ID laws)Judge Kaplan, Judge Engoron, Merrick Garland, Judge Beryl Howell, Shenna Bellows (Maine Secretary of State) , Jena Griswold (Colorado Secretary of State), George Soros, Reid Hoffman (financial support for E Jean Carroll), Jamie Raskin and Debbie Wasserman- Schultz( co-sponsored legislation to kick Trump off the ballot), Judge David Ezra (stayed Texas law that permitted the arrest of illegals ), Alejando Mayorkas, Norm Eisen
I think you ate the wrong pill....and you have wealth envy.
Elon did one thing different than the corporate raiders who just suck companies dry, with no SEC interference - he bought a company at a fair price and then made it better....
THEN-—PLEASE EXPLAIN HIS PAYING $44 BILLION FOR THE COMPANY.
NEVER HEARD ANY ARGUMENTS THAT IT WAS TOO LOW A PRICE.
I don't get your point. Elon broke the law to save 155 million. If you're a con man with no regard for the law, why wouldn't you try to save 155 million?
Now do the congress for insider trading.
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