{"id":2390399,"date":"2025-01-15T04:50:02","date_gmt":"2025-01-15T09:50:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-sues-elon-musk-over-not-promptly-revealing-twitter-stock-ownership-washington-examiner\/"},"modified":"2025-01-15T04:54:26","modified_gmt":"2025-01-15T09:54:26","slug":"sec-sues-elon-musk-over-not-promptly-revealing-twitter-stock-ownership-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-sues-elon-musk-over-not-promptly-revealing-twitter-stock-ownership-washington-examiner\/","title":{"rendered":"SEC sues Elon Musk over not promptly revealing Twitter stock ownership &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsec-sues-elon-musk-over-not-promptly-revealing-twitter-stock-ownership-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2390399&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The U.S.Securities and Exchange Commission (SEC) has filed a lawsuit\u200b against \u200celon Musk for allegedly failing to promptly disclose his notable <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-court-places-trumps-bump-stock-ban-on-hold\/\" title=\"Federal Court Places Trump\u2019s Bump Stock Ban On Hold\">stock ownership<\/a> in Twitter before completing his purchase of the company in 2022. The SEC claims that Musk&#8217;s delay in\u200c revealing he owned \u2062over \u200d5% of Twitter&#8217;s shares violated \u2064regulatory rules,allowing him to acquire shares at &#8220;artificially \u2062low prices.&#8221;\u200d This \u2063failure \u2063to disclose the information reportedly cost Musk <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/crypto-bank-silvergate-sees-massive-amount-of-withdrawals\/\" title=\"Crypto Bank Silvergate Sees Massive Amount This is Withdrawals\">approximately 0 million<\/a>, as he paid significantly less for the shares than he would have\u2064 if he had met disclosure requirements. The lawsuit asserts that timely disclosure by Musk and his wealth manager would\u2063 have likely led to\u200d a considerable increase in\u2063 Twitter&#8217;s stock \u200cprice during the\u2062 acquisition period.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">SEC sues Elon Musk over not promptly revealing Twitter stock ownership<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1934903\" class=\"tpd-featured-video bridtv\"><\/div>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/tag\/elon-musk\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Elon Musk<\/a> is being sued by the U.S. <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/sec\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Securities and Exchange Commission<\/a> over his alleged failure to provide financial statements about his stock ownership before purchasing the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/big-tech-under-more-fire-for-removing-president-trumps-accounts\/\" title=\"Big Tech under more fire for removing President Trump\u2019s accounts\">social media company<\/a> (then-named) <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/twitter\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Twitter<\/a>.<\/p>\n<div class=\"article-paywall\">\n<p>The events in question stem from his 2022 purchase. The Tesla and SpaceX CEO is accused of failing to disclose ownership of a significant amount of stock in Twitter before he bought the company. Musk&rsquo;s inability to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/search-warrant-or-not-americans-have-no-reason-believe-the-fbi-raid-on-trumps-florida-home-was-justified\/\" title=\"Search Warrant Or Not, Americans Have No Reason  Believe The FBI Raid On Trump\u2019s Florida Home Was Justified\">promptly provide<\/a> this information was allegedly a rule violation.&nbsp;<\/p>\n<p>By failing to disclose the amount of Twitter stock he owned before buying the social media corporation. This failure to do so allegedly allowed Musk to <a target=\"_blank\" href=\"https:\/\/www.cnn.com\/2025\/01\/14\/business\/sec-lawsuit-musk-x-ownership\/index.html\" rel=\"noreferrer noopener\">purchase<\/a> company shares at &ldquo;artificially low prices.&rdquo; The SEC claimed that Musk underpaid by approximately $150 million for stock shares he bought &ldquo;after he should have disclosed his ownership of more than 5% of Twitter&rsquo;s shares,&rdquo; the <em>Associated Press<\/em> <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/sec-elon-musk-lawsuit-twitter-stock-5c55f71fa7e57f2f8d59ce324e277629\" rel=\"noreferrer noopener\">reported<\/a>.&nbsp;<\/p>\n<p>&ldquo;Musk 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,&rdquo; the suit claimed.<\/p>\n<p>&ldquo;Had Musk and his wealth manager disclosed his ownership as required, the stock price would likely have increased significantly,&rdquo; the SEC&rsquo;s lawsuit <a target=\"_blank\" href=\"https:\/\/www.cnn.com\/2025\/01\/14\/business\/sec-lawsuit-musk-x-ownership\/index.html\" rel=\"noreferrer noopener\">alleged<\/a>.<\/p>\n<p>Musk bought Twitter in October 2022 to promote free speech and eliminate censorship on the social media platform after accusations that the previous owner restricted the number of people who could view certain political posts on the platform, most notably those with conservative and Republican viewpoints.&nbsp;<\/p>\n<p>The move was criticized and condemned by many left-wing politicians, pundits, and commentators. After several months of owning the company, Musk changed its name to X. Musk released the <a target=\"_blank\" href=\"https:\/\/www.washingtonexaminer.com\/news\/1806734\/delays-news-dumps-and-disappointment-everything-you-need-to-know-about-the-twitter-files\/\" rel=\"noreferrer noopener\">&ldquo;Twitter Files&rdquo;<\/a> in December 2022, which revealed that the previous regime suppressed specific news stories, particularly posts about the infamous &ldquo;Hunter Biden laptop&rdquo; story. The report invariably revealed that before Musk bought Twitter, the site&rsquo;s administrators &ldquo;took extraordinary steps to suppress the story, removing links and posting warnings that it may be &lsquo;unsafe.&rsquo;&rdquo;<\/p>\n<p>Musk&rsquo;s attorney, Alex Spiro, claimed the X CEO did &ldquo;nothing wrong&rdquo; and the lawsuit &ldquo;was a sham,&rdquo; according to the <em>Associated Press<\/em>.&nbsp;<\/p>\n<p>&ldquo;The SEC&rsquo;s multi-year campaign of harassment against Mr. Musk culminated in the filing of a <a href=\"https:\/\/amzn.to\/3YuVZYV\">single-count ticky tak complaint<\/a> against Mr. Musk under Section 13(d) for an alleged administrative failure to file a single form &mdash; an offense that, even if proven, carries a nominal penalty,&rdquo; Spiro <a target=\"_blank\" href=\"https:\/\/www.cnn.com\/2025\/01\/14\/business\/sec-lawsuit-musk-x-ownership\/index.html\" rel=\"noreferrer noopener\">said<\/a>.<\/p>\n<p>The lawsuit, however, might be short-lived. <\/p>\n<p>The SEC&rsquo;s current commissioner, Gary Gensler, is expected to resign on January 20, according to a <a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2024-182\" target=\"_blank\" rel=\"noopener\" title=\"\">press release<\/a>. <\/p>\n<p>&ldquo;The Securities and Exchange Commission is a remarkable agency,&rdquo; Gensler said. &ldquo;The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike. The staff comprises true public servants. It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.&rdquo;<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><\/strong><\/a><\/p>\n<p>&ldquo;I thank President Biden for entrusting me with this incredible responsibility,&rdquo; he added. &ldquo;The SEC has met our mission and enforced the law without fear or favor. I&rsquo;ve greatly enjoyed working with my fellow Commissioners, Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Liz&aacute;rraga. I also thank Congress, my colleagues across the U.S. government, and fellow regulators around the world.&rdquo;<\/p>\n<p>It is unclear if Gensler&rsquo;s replacement will continue with the lawsuit against Musk.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1934903\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1934903\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEC sues Elon Musk for failing to disclose Twitter stock ownership<\/p>\n","protected":false},"author":2677,"featured_media":2390400,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/01\/Elon-Musk-2188147719.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[32192,4585,13694,48526,4253],"class_list":["post-2390399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-elon-musk","tag-lawsuit","tag-sec","tag-stock-ownership","tag-twitter"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/01\/Elon-Musk-2188147719.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2390399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2677"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2390399"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2390399\/revisions"}],"predecessor-version":[{"id":2390403,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2390399\/revisions\/2390403"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2390400"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2390399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2390399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2390399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}