{"id":838165,"date":"2025-04-01T08:12:40","date_gmt":"2025-04-01T13:12:40","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/01\/big-news-sec-moves-forward-with-150-million-lawsuit-against-elon-musk\/"},"modified":"2025-04-01T08:12:40","modified_gmt":"2025-04-01T13:12:40","slug":"big-news-sec-moves-forward-with-150-million-lawsuit-against-elon-musk","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/01\/big-news-sec-moves-forward-with-150-million-lawsuit-against-elon-musk\/","title":{"rendered":"Big News: SEC Moves Forward with $150 Million Lawsuit Against Elon Musk"},"content":{"rendered":"
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According to ABC News,<\/a> the Securities and Exchange Commission has decided to continue it\u2019s $150 Million lawsuit against Elon Musk. As stated in a court filing on Monday, the leader of the Department of Government Efficiency has agreed to address the lawsuit alleging that he misled investors during his purchase of millions of dollars in Twitter stock in 2022, before acquiring the company.<\/p>\n

The SEC, under former chairman Gary Gensler,\u00a0 had filed a lawsuit in January 2025<\/a>, accusing him of securities fraud related to his $44 billion takeover of Twitter, now known as X. The lawsuit alleges that Musk failed to timely disclose his ownership stake in Twitter before completing the purchase in 2022.<\/p>\n

According to the SEC, Musk\u2019s failure to report his stake\u2014which exceeded 5% of the company\u2014before the March 24, 2022 deadline allowed him to undervalue the shares he acquired. Regulators claim this non-compliance resulted in Musk paying at least $150 million less than he should have for the shares purchased after his disclosure was due. The lawsuit states that Musk filed his ownership report after the deadline, causing Twitter\u2019s stock price to surge 27% following the filing.<\/p>\n

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Musk Calls Lawsuit \u201cSham\u201d<\/h2>\n

Musk\u2019s attorney, Alex Spiro, dismissed the lawsuit, stating that Musk has \u201cdone nothing wrong\u201d and describing the legal action as a \u201csham.\u201d This legal battle comes after years of scrutiny surrounding Musk\u2019s Twitter acquisition. In 2023, the SEC also sued Musk for refusing to testify about the deal, claiming he \u201cabruptly notified SEC staff\u201d just two days before a scheduled appearance, citing \u201cspurious objections.\u201d<\/p>\n

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\n \ufeffAnjali Belgaumkar<\/p>\n","protected":false},"excerpt":{"rendered":"

According to ABC News, the Securities and Exchange Commission has decided to continue it\u2019s $150 Million lawsuit against Elon Musk. As stated in a court filing on Monday, the leader of the Department of Government Efficiency has agreed to address the lawsuit alleging that he misled investors during his purchase of millions of dollars in<\/p>\n","protected":false},"author":1,"featured_media":838166,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3704,2150],"tags":[],"class_list":{"0":"post-838165","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-forward","8":"category-moves"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/838165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=838165"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/838165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/838166"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=838165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=838165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=838165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}