filing<\/a>, quoted by Reuters, Musk\u2019s lawyers claimed that the billionaire had stopped purchasing additional shares of the then-publicly-listed Twitter and filed his disclosure one business day after his wealth manager consulted securities disclosure counsel about potential filing requirements.<\/p>\nHowever, the SEC alleged that Musk bought more than $500 million of Twitter shares at low prices before finally revealing his purchases on April 4, 2022, by which time he owned a 9.2% stake.<\/p>\n
According to the filing, Musk\u2019s attorney alleged that the SEC\u2019s lawsuit \u201creveals an agency targeting an individual for his protected criticism of government overreach.\u201d They claimed that there is no ongoing violation because the alleged error was \u201cfully corrected\u201d upon discovery.<\/p>\n
Meanwhile, the SEC has yet to respond to a request for comment.<\/p>\n
Earlier this month, an Ethereum (ETH)-based gaming network called xAI by Ex Populus also lodged a lawsuit against Elon Musk over trademark infringement. This is due to the name similarity of Musk\u2019s artificial intelligence company dubbed xAI.<\/p>\n
Elon Musk potential in cryptocurrency through X<\/h2>\n
Just days after the SEC filed a lawsuit against Elon Musk for his stake in Twitter, the billionaire announced that he would transform Twitter, rebranded as X since October 2022, into a self-proclaimed \u201csuper app\u201d with the addition of in-app investment and trading features.<\/p>\n
As previously reported by crypto.news, X chief executive officer Linda Yaccarino said that the team behind the social media platform is preparing to launch financial services through a single app. It would allow users to not just pay for everyday needs, but also make investments and trade assets.<\/p>\n
\u201cA whole commerce ecosystem and a financial ecosystem is going to emerge on the platform that does not exist today,\u201d said Yaccarino.<\/p>\n
Musk had said earlier on that he wants to launch a a peer-to-peer digital wallet service, dubbed X Money. The integration is expected to come with a collaboration with payments giant Visa. Other possible integrations into the rumored \u201csuper app\u201d include Polymarket and Vine.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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