It’s been a while since Elon Musk bought Twitter and changed its name to ‘X’. Recently, there’s news that Musk is being accused of breaking rules about buying stocks by the Securities and Exchange Commission (SEC). They have filed a lawsuit claiming that he didn’t tell everyone he owned 5% of Twitter before he took it over completely.
Because he didn’t share this information on time, it cost Twitter’s shareholders a lot of money—around $150 million! The SEC says that Musk waited 11 days to report his ownership, which is a big deal. They believe this is part of securities fraud because it hurt investors when Twitter’s stock was sold.
Now, the SEC wants Musk to pay a fine for not following the rules. Here are some quick answers to questions you might have:
– Did Elon Musk buy Twitter? Yes, he bought it for $44 billion in October 2022 and renamed it ‘X’.
– Is Elon Musk in trouble with the SEC? Yes, he is being investigated for securities fraud related to his purchase of Twitter.
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