JUST IN: Biden SEC Sues Elon Musk Over Twitter Stock Purchase, Accuses Him of Underpaying Investors by More Than $150 Million

Biden’s Securities and Exchange Commission (SEC) on Tuesday filed a lawsuit against Elon Musk over his 2022 purchase of Twitter.

In October 2022 Elon Musk officially closed the deal to purchase Twitter for $54.20 per share – or about $44 billion.

According to the SEC, Elon Musk allegedly failed to properly disclose his 5% Twitter stock purchase in 2022 in the months leading up to his purchase of the platform.

The SEC claimed because Elon Musk purchased the stock at “artificially low prices,” he underpaid investors by $150 million.

“Musk paid significantly less for the shares of Twitter common stock he purchased between March 25, 2022 and April 1, 2022 than if he had timely disclosed,” the lawsuit said, according to CNN.

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