The U.S. Securities and Exchange Commission (SEC) this week filed a suit against X, formerly Twitter, owner Elon Musk over Twitter stock purchases he made in 2022.
Musk didn’t disclose in a timely way that he had purchased more than 5% of Twitter’s common stock in March of that year, the complaint said.
The SEC said that allowed Musk to keep buying shares on Twitter at an artificially low price, and he underpaid by $150 million.
Musk began to buy Twitter in April 2022, finalizing the sale that October.
He paid $44 billion for the social media platform.
Reuters contributed to this report.
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