Elon Musk agrees to pay $1.5M to settle US SEC allegations that he cheated Twitter shareholders in 2022 by not disclosing the 5%+ stake he had in the company
Elon Musk agreed to settle Securities and Exchange Commission allegations that he cheated Twitter shareholders out of millions …
Bloomberg Nicola M White
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- New: Elon Musk just settled with the SEC for $1.5M over allegations that he cheated Twitter shareholders out of millions when he failed to disclose his stake in the company as he accumulated shares to eventually make a bid. By not disclosing his ownership stake, the stock price stayed artificially low. … @kurtwag8 · Kurt Wagner
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Discussion
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@elizabethholmes
Elizabeth Holmes
on x
I had an SEC settlement too: no admit / no deny, $500K Elon's $1.5M settlement is basically a parking ticket. No admission. No criminal conviction. He does not have to pay back the alleged $150M Big win for @elonmusk. Clearly shows this was all weaponised lawfare by Biden DOJ
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@fredlambert
Fred Lambert
on x
How he keeps getting away with it is baffling. $1.5 million settlement when he probably saved tens if not hundreds of millions by fraudulently delaying disclosure.
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@stanphylcap
@stanphylcap
on x
What a joke. Shouldn't he at least have to regurgitate his ill-gotten savings? Clearly, the current SEC doesn't believe in the 13D law. This should make for some interesting “stealth activism,” lol.