{"id":618273,"date":"2025-01-15T12:41:52","date_gmt":"2025-01-15T12:41:52","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=618273"},"modified":"2025-01-15T12:55:34","modified_gmt":"2025-01-15T12:55:34","slug":"sec-sues-elon-musk-for-undisclosed-acquisition-of-twitter-shares-as-gary-gensler-prepares-to-step-down","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/sec-sues-elon-musk-for-undisclosed-acquisition-of-twitter-shares-as-gary-gensler-prepares-to-step-down","title":{"rendered":"SEC Sues Elon Musk For Undisclosed Acquisition Of Twitter Shares As Gary Gensler Prepares To Step Down"},"content":{"rendered":"

The US Securities and Exchange Commission (SEC) has sued technology billionaire and SpaceX founder Elon Musk for allegedly failing to disclose the acquisition of some Twitter shares,<\/span><\/p>\n

The action came as anti-crypto SEC Chair Gary Gensler prepares to step down on Jan. 20. <\/span><\/p>\n

According to a Jan. 14 <\/span>filing<\/span><\/a> in a Washington, DC, federal court, Musk failed to disclose that “he had acquired beneficial ownership” of Twitter in 2022. This alleged omission enabled him to keep buying shares in the social media company “at artificially low prices” and “underpay by at least $150 million,” the agency said in its filing.<\/span><\/p>\n

\"Dogecoin\"<\/p>\n

DOGE Pumps 4% As Elon Musk Calls The SEC A “Totally Broken Organization”<\/span><\/h2>\n

This is not the first lawsuit against the technology mogul. In June 2022, a lawsuit brought forward by investors against Musk accused him of insider trading with respect to leading meme coin <\/span>Dogecoin<\/span><\/a> (DOGE). <\/span><\/p>\n

This was after Musk started posting pictures of the meme coin online, causing the crypto’s price to periodically pump and earn him the nickname “Dogefather.” <\/span><\/p>\n

In August 2024, the Southern District of New York court dismissed an amended complaint with prejudice, marking the end of the lawsuit. Musk, who now owns X (formerly Twitter) after acquiring the company for $44 billion in April of 2022, responded to the latest lawsuit by the SEC in a Jan. 15 post, calling the regulator a “totally broken organization.”<\/span><\/p>\n

\n

Totally broken organization. <\/p>\n

They spend their time on shit like this when there are so many actual crimes that go unpunished.<\/p>\n

— Elon Musk (@elonmusk) January 15, 2025<\/a><\/p><\/blockquote>\n