The SEC's lawsuit claims that Elon Musk deceived Twitter shareholders by not disclosing that he acquired more than 5% of Twitter's stock in a timely manner. This delay allegedly cost investors over $150 million as they sold at artificially low prices, following Musk's purchases. The suit suggests that if the disclosure had occurred promptly, stock prices would have surged, benefiting the shareholders. Musk's attorney dismissed the lawsuit as a weak attempt by the SEC, seeking to portray it as a harassment campaign.
Musk's lawyer, Alex Spiro, contends that the SEC's action indicates their inability to build a substantive case against him. He argues that the complaint stems from a minor clerical oversight, not malintent. Spiro's comments highlight skepticism toward the SEC's motives, emphasizing Musk's transparency and integrity in all dealings. Moreover, he characterized the lawsuit as a 'ticky-tack' issue that fails to reflect the realities of the situation and intends to delegitimize Musk's actions.
Collection
[
|
...
]