Elon Musk charged in investigation into purchase of Twitter shares

The purchase of the shares was the first step that led to the acquisition of the social media site for $ 44 billion.

In mid-December, the SEC made the billionaire a settlement offer. Musk was then given 48 hours to agree to the settlement, otherwise the regulator would take action.

The SEC now orders that Musk “failed to timely” announce that he had acquired 5 percent of Twitter’s shares on March 14, 2022. By law, he should have done this within ten calendar days. This has allowed Musk to pay a lower amount for the shares, it sounds.

The SEC sued Musk in October to force the Tesla and SpaceX CEO to testify after he refused to attend an investigation hearing in September. Musk had argued that the SEC was trying to “harass” him with multiple subpoenas. He testified twice in July 2022.