Free Republic

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...

The Securities and Exchange Commission has issued a "settlement demand" to Elon Musk, according to a Thursday social media post by the tech billionaire. The federal financial regulator is asking Musk to agree to terms including a fine, or "face charges on numerous counts" regarding "Certain Purchases, Sales and Disclosures of Twitter Shares." The SEC has been investigating whether Musk committed securities fraud in 2022 as he sold shares in Tesla and shored up a stake in social network Twitter, ahead of his leveraged buyout. The Securities and Exchange Commission has issued a "settlement demand" to Elon Musk, the tech...