The Securities and Exchange Commission (SEC) on Tuesday took one more shot at TESLA and SpaceX CEO Elon Musk before President-elect Donald Trump begins his second term on Monday, accusing the multibillionaire of committing securities fraud in 2022 by acquiring Twitter at “artificially low” prices.
According to the SEC’s civil suit, filed in U.S. District Court in Washington, D.C., Musk was more than 10 days late in reporting requiring material information, “allowing him to underpay by at least $150 million for shares he purchased after his financial beneficial ownership report was due.”
Prior to the acquisition, the world’s richest man had acquired a position in the company of greater than 5 percent, which required disclosing his holdings to the public within 10 calendar days of reaching the threshold. Musk publicly disclosed his holdings on the…
