According to the SEC complaint, Musk didn’t follow disclosure rules, “allowing him to underpay by at least $150 million for shares he purchased after his financial beneficial ownership report was due.
The case sets up an early test of how Trump’s pick to chair the agency — Paul Atkins — would navigate potential clashes with the incoming president's allies.
“Investors who sold Twitter common stock during this period did so at artificially low prices and thus suffered substantial economic harm.” Alex Spiro, a lawyer for Musk, said the action is “an ...