SEC Sues Elon Musk Over Alleged 'Unjust Enrichment' In Twitter Stock Purchases

Contributing sentiments towards policy:

63% : The SEC now seeks disgorgement pay over his "unjust enrichment as a result of his violation" of securities laws.
59% : "The financial regulator said Musk's actions were in violation of federal securities laws since his failure to disclose the acquisition of over five percent of Twitter's outstanding common stock in March 2022, which allowed him to "underpay by at least $150 million for shares he purchased.
56% : To make matters worse, Musk and his wealth manager allegedly did not obtain legal advice in February and March 2022 to determine the businessman's "obligations" under securities laws in relation to his Twitter stock holdings.
45% : "The SpaceX founder should have filed with the SEC "a beneficial ownership report" to disclose his Twitter holdings within 10 calendar days after he crossed the five percent outstanding common stock acquisition threshold as per securities laws, the lawsuit said.
37% : Despite the chaos that ensued in the weeks following Musk's acquisition of Twitter, he has since recovered from the backlash from that time and in recent months gained much popularity due to his close ties to Donald Trump.

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