Billionaire Elon Musk summoned by US court
On March 20, American billionaire Elon Musk was summoned by a US court in connection with a lawsuit by the US Securities and Exchange Commission (SEC).
Billionaire Elon Musk speaks at a conference in Krakow, Poland. Photo: PAP/TTXVN
According to court documents, in January, the SEC accused billionaire Musk of deliberately delaying the disclosure of his stake in the social network operator Twitter, which Musk later acquired and renamed social network X. The SEC said that Musk violated US federal securities laws by delaying for 11 days the disclosure of additional purchases of Twitter common stock, resulting in a holding of more than 5% of the shares.
Under SEC regulations, investors must disclose their transactions within 10 days or before March 24, 2022 (as in the case of billionaire Musk) when they exceed 5% ownership of a public company’s shares.
Mr. Musk and his lawyer have not yet responded to the incident, while the SEC declined to comment.
