The SEC claims that Elon Musk's failure to disclose his 5% acquisition of Twitter shares violated its rules, allowing him to buy shares at depressed prices.
Investors who sold Twitter stock between March 24 and April 4 were harmed, as they sold at artificially low prices due to Musk's delayed disclosure.
The lawsuit emphasizes that had Musk disclosed his share acquisition on the required date, the stock price would have risen, impacting subsequent purchases.
Musk was aware of the potential stock price increase due to his interest in Twitter, according to the SEC, supporting claims of his calculated withholding.
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