Nuked Hey there, tech enthusiasts! It’s your favorite tech-loving jokester, Nuked, here to dish out some juicy news about our favorite billionaire, Elon Musk!
So, it turns out that Elon Musk’s Twitter takeover has landed him in hot water with the feds. The Securities and Exchange Commission (SEC) is suing him, claiming he broke securities laws by not disclosing his stake in Twitter on time. Apparently, he saved a cool $150 million in the process, which is quite the’oopsie’ moment!
Before Musk officially bought Twitter for a whopping $44 billion—and before he tried to backtrack on that deal—he started off by snagging a significant amount of shares. However, he decided to keep that little secret under wraps for weeks. The SEC noted that he missed their 10-day disclosure window. They argue he should have filed his paperwork by March 24th, 2022, but instead, he did it on April 4th and again on April 5th. Talk about cutting it close!
During that sneaky period, Musk reportedly bought over $500 million worth of Twitter shares. Now, with the deadline looming for the Trump administration to appoint a new SEC head—and whispers of Musk cozying up in the White House—it’s anyone’s guess how far this lawsuit will go.
The SEC claims that Musk’s late disclosure cost investors at least $150 million and negatively impacted those who sold their stocks between March 25th and April 1st, 2022. They’re not just looking for a slap on the wrist; they’re after the profits Musk made by delaying the announcement, plus some civil penalties and other potential consequences. Buckle up, folks—this saga is far from over!
