For his cheap Twitter acquisition, the American stock market watchdog has again criticised Elon Musk.

The financial operation run by the businessman to purchase the social network that now acts as his global voice is being targeted by the SEC once more.

International: A pervasive but flawed media presence. The multi-talented and multi-billionaire Elon Musk is now the subject of a complaint in the United States as he gets ready to take on a significant role in Donald Trump’s administration at the White House. A grievance pertaining to one of his most recent significant financial successes: the purchase of Twitter, which has grown to be X since being acquired by the world’s richest man.

On Tuesday, January 14, the American Securities and Exchange Commission (SEC) lodged a complaint against the influential businessman. Why? failing to reveal “in a timely manner” that it had paid $44 billion to acquire Twitter shares in March 2022 before seizing control of the social media platform.

According to the American stock market watchdog’s lawsuit, Elon Musk “failed to timely report to the SEC (…) his acquisition of more than 5% of Twitter’s outstanding common stock in March 2022.” This plan would therefore have enabled the CEO of Space X and Tesla to pay “an artificially low price.”

This would have enabled him “to avoid paying at least $150 million for shares he purchased after his beneficial ownership declaration” of Twitter had expired, according to the SEC. Through his attorney Alex Spiro, the primary interested party responded that Elon Musk “did nothing wrong.” “Today’s proceedings are an admission by the SEC that it does not have a strong enough case ,” he told AFP.

An earlier grievance brought against Musk

Although Elon Musk is worried about a possible purchase of TikTok, another well-known social network, he is once again in the crosshairs of this American financial powerhouse. The SEC has previously filed a case against Elon Musk a month prior to his candidate’s victory in the U.S. presidential election. with the goal of coercing the billionaire into testifying as part of the probe into Twitter’s acquisition. In October 2022, a financial transaction was completed that led to the social network being remodelled under the name X.

Despite multiple postponements of Elon Musk’s hearing date, the SEC claimed that this subpoena to testify had never been honoured. By asserting that his client’s testimony had already been gathered “on several occasions as part of this ill-advised investigation,” the South African entrepreneur’s attorney had already refuted the charges. “Enough is enough” was his outburst in response to this earlier grievance.

Since he purchased the social network from the Blue Bird, Elon Musk has been facing an increasing number of legal lawsuits. either from investors, ex workers, or businesses that had agreements with Twitter. Elon Musk, for instance, was the target of a complaint from Twitter shareholders who claimed that he had revealed his 5% investment in the company too late.

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