Mr Musk's lawyer says his client 'has done nothing wrong and everyone sees this sham for what it is'.
Elon Musk is being sued for failing to disclose his purchase of more than 5% of Twitter stock in a timely fashion. The world's richest man bought the stock in March 2022 and the complaint by the US Securities and Exchange Commission said the delay allowed him to continue buying Twitter stock at artificially low prices. In papers filed in Washington DC federal court, the SEC said the move allowed Mr Musk to underpay by at least $150m .
The SEC said Mr Musk did not disclose his state until 4 April 2022, 11 days after the deadline - by which point he owned more than 9% of Twitter's shares. Twitter's share price rose by more than 27% following Mr Musk's disclosure, the SEC added. Mr Musk later purchased Twitter for $44bn in October 2022 and renamed the social media site X.
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