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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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FG Extends NYSC Orientation Camp From 3 to 6 Weeks

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The Federal Government has announced an extension of the NYSC programme. It can be noted that the NYSC camp orientation is usually for three weeks before the youths go out to gain experience, employment, and serve the country for one year.

However, the FG announced that the passing-out parade from camp will be cancelled, and corps members will now spend six weeks in camp instead of three weeks.

“The first two weeks speak to laying a foundation on civic responsibility. The next two weeks will look at career mapping, basic accounting literacy skills, business planning and access to finance. The final two weeks, we intend to have focused corps-stream-specific training aligned with the corps member’s designated stream based on his choice, academic background and skills profile.”


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Is Lagos Sinking? Residents Raise Concerns as Flooding Worsens

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With the rainy season in Nigeria, many are wondering if the increase in flooding has now become the new normal. Lots of videos, clips, and complaints have literally flooded online, showing how badly roads, homes, and other places have been affected.

We were used to hearing about the rise of water on the Island since it is literally surrounded by water, but now floods are being spotted on the Mainland as well.

We may not know exactly why this is happening, but one thing is certain—we urgently need a lasting solution.


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Federal Government Clarifies Position on Proposed Tax Recommendations

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The federal government reacted to claims stating that the new tax rules will be imposed on telecommunications and petroleum products for Nigerians.

The FG released a statement to explain the process and stated that there is no intention to place taxes on telecom and petroleum products and services.

“Those recommendations do not amount to government policy and are not binding on Nigeria. Decisions on tax matters are taken through established constitutional and legislative processes and are guided by national priorities and prevailing economic realities.”


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