12:24:27 EST Fri 07 Feb 2025
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Tesla Inc CDRs (CAD Hedged)
Symbol TSLA
Shares Issued 19,100,000
Close 2025-01-16 C$ 37.65
Market Cap C$ 719,115,000
Recent Sedar Documents

FP/wire say SEC files lawsuit against Tesla's Musk

2025-01-16 09:28 ET - In the News

The Financial Post reports in its Thursday edition that Elon Musk cheated Twitter shareholders out of more than $150-million (U.S.) by waiting to disclose his growing stake in the company as he prepared a takeover bid, the U.S. Securities and Exchange Commission claimed in a lawsuit. A Bloomberg dispatch to the Post says the regulator's complaint, which was disputed by Mr. Musk, accuses the billionaire of failing to promptly report that he had amassed more than 5 per cent of the social-media platform's stock in early 2022 -- a revelation that would have sent the stock's price up. "Because Musk failed to timely disclose his beneficial ownership, he was able to make these purchases from the unsuspecting public at artificially low prices," the SEC said in its civil suit filed in Federal Court. "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 Mr. Musk, said the action is "an admission" that the SEC cannot bring an "actual case," because his client "has done nothing wrong and everyone sees this sham for what it is." Mr. Spiro called the lawsuit part of a "multiyear campaign of harassment against Mr. Musk."

© 2025 Canjex Publishing Ltd. All rights reserved.