News
SEC Sues Elon Musk Over Delayed Disclosure of Twitter Stake Purchase
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against tech billionaire Elon Musk, accusing him of failing to promptly disclose his ownership of more than 5% of Twitter ahead of his acquisition of the company in 2022.
According to the SEC, Musk began purchasing Twitter shares early in 2022, surpassing the 5% threshold on March 14, 2022.
Under securities laws, Musk was required to disclose his holdings within 10 days, but he didn’t reveal that he owned 9% of Twitter until April 4, which was 11 days later than the legal deadline.
The delay in disclosure is said to have led to a 27% jump in Twitter’s share price after Musk made the announcement.
The SEC also claims that Musk’s actions resulted in an underpayment of at least $150 million for the shares he bought during that period.
The SEC is now seeking to have Musk repay the $150 million, plus additional penalties.
In response, Musk’s lawyer, Alex Spiro, defended his client, insisting that Musk had “done nothing wrong.”
Spiro also accused the SEC of running a “multi-year campaign of harassment” against the billionaire.
Nigerians reacts to President Tinubu trip to UK and lament that the timing is just bad. The timing of the trip and the arising crises occurring in the country.
It can be noted that the President, his wife and some other officials followed him on the trip.
And the public has shouted that we need the officials here in the country in the crises, asking who will help to manage the state of things as they are all going at once.
People shared their displeasure with a large crowd following the president to another country and leaving Nigeria in this state.
Federal Government in Nigeria has declared March 19th and 20th as public holidays for the end of Ramadan.
This was revealed by the Minister of Interior, Olubunmi Tunji-Ojo. He made this announcement on behalf of the Federal Government.
He wished Muslims a joyful Eid al-Fitr celebration.
It has been reported that President Bola Ahmed Tinubu has departed to London.
The Nigerian leader is travelling ahead of a state visit to the United Kingdom. The purpose of this visit is to strengthen bilateral relations and explore avenues for collaboration on issues such as immigration, trade, investment, and cultural exchange.
Amid this travel, the fuel prices still remain increased and many of the public are still there.
Nigerians react to the news, stating that he is leaving Nigerians once again to suffer with the current state of things before he returns.
They are calling out for him to do something and change about the fuel.
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