The U.S. Securities and Exchange Commission has filed a lawsuit against a prominent figure, alleging that he failed to disclose his ownership of Twitter stock in a timely manner before purchasing the social media platform. The individual in question, a billionaire, is accused of underpaying by at least $150 million for shares he acquired after surpassing the 5% ownership threshold of Twitter's shares.
The lawsuit states that the individual, who later acquired Twitter and rebranded it as X in October 2022, began accumulating Twitter shares in early 2022. By March of the same year, he had exceeded the 5% ownership limit, triggering a legal obligation to disclose his ownership. However, the required disclosure was not made until April 4, 11 days after the deadline.
