The US Financial Supervisory Authority has sued the billionaire Elon Musk’s sued over alleged violations related to the purchase of messaging service Twitter.
According to the US Securities and Exchange Commission (SEC), Musk had not submitted the necessary reports to the authorities when he bought Twitter shares in the spring of 2022. According to the SEC, Musk had thus violated federal securities market laws.
Due to his negligence, Musk could have continued to buy shares at artificially low prices and saved at least $150 million, according to the SEC.