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SEC Sues Elon Musk Over Delayed Disclosure of Twitter Stake Purchase

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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.

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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.


 

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Concern Grows Over Rising Insecurity Following Kwara Abduction Case

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It was reported that bandits were seen in Kwara State and abducted six residents from Rukpete Village.

The incident was reported to have occurred on June 8 at about 11 p.m.

Sources revealed that seven people were initially taken, but an elderly man was later released, leaving six victims in captivity.

The rising cases of insecurity in the country remain quite alarming.


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Panic as Bandit Rumours Spark School Safety Concerns in Abuja

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The state of the country is affecting many people, as they believe nowhere is safe, including schools where they keep their children.

It has been reported that some parents have started withdrawing their children from schools in Abuja.

It can be noted that rumours of bandits being sighted near a school triggered panic, causing parents to hurriedly remove their children for safety.

While the reports of bandits have not been confirmed, the school has also issued safety measures to ensure the protection of students within the premises.


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Lagos Residents Raise Alarm After Suspected Bandits Are Reported in Ibeju-Lekki

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It has been rumored that bandits have made their way to Lagos, and allegedly they were spotted in Ibeju-Lekki, where some residents became suspicious of them and reported the matter.

A clip of the group of men went viral online, and many people became concerned. Whether true or not, fear has been sparked among Lagosians as they worry that bandits may already be in the state. Even if the reports remain unconfirmed, many believe it is still a possibility worth paying attention to.


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