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Elon Musk Faces Fraud Lawsuit Over Delayed Twitter Stake Disclosure

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Elon Musk must face a fraud lawsuit after a U.S. judge ruled that shareholders sufficiently alleged that he defrauded them by delaying the disclosure of his Twitter stake, now known as X. U.S. District Judge Andrew Carter in Manhattan rejected Musk’s attempt to dismiss the case, which was brought by former Twitter shareholders, including the Oklahoma Firefighters Pension and Retirement System.

The lawsuit claims that Musk’s delayed SEC filing on his initial 5% Twitter stake, which was not disclosed until 11 days after the March 24, 2022, deadline, caused shareholders to sell their stocks at artificially low prices, ultimately costing them more than $200 million. Musk’s eventual filing revealed that he had acquired a 9.2% stake, which sent Twitter shares up by 27% in early April 2022.

Judge Carter found that Musk’s filing and his tweets about potentially creating a Twitter rival or altering the platform’s logo could have misled investors into thinking Musk was making a “passive” investment and did not intend to take over the company. While some claims were dismissed, the case will proceed to explore whether Musk’s actions were fraudulent.

Elon Musk Issued Summons in SEC Case Over Twitter Stake Disclosure

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Elon Musk, the world’s richest man and a prominent adviser to former U.S. President Donald Trump, has been issued a summons in connection with the Securities and Exchange Commission (SEC) lawsuit against him. The summons and other legal documents were served on March 14 to a security guard at the Brownsville, Texas, headquarters of Musk’s company, SpaceX, according to a court filing on Thursday.

The SEC lawsuit, filed in January, accuses Musk of delaying the disclosure of his substantial stake in Twitter in 2022. The regulator claims Musk violated federal securities law by waiting 11 days past the required deadline to disclose his initial 5% purchase of Twitter’s common shares. Under SEC rules, investors are required to disclose any ownership stake that exceeds 5% within 10 calendar days, which in Musk’s case should have been by March 24, 2022.

Musk and his legal team have not yet responded to requests for comment, and a spokesperson for the SEC declined to provide additional details.

Meta to Require AI Disclosure for Political Ads Ahead of Canadian Elections

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Meta Platforms (META.O) announced on Thursday that it will require advertisers to disclose the use of AI or other digital techniques in political or social issue ads ahead of Canada’s federal elections. This move aims to combat misinformation and increase transparency in the political advertising landscape.

The new disclosure rule will apply to ads featuring photorealistic images, videos, or realistic-sounding audio that have been digitally altered to show a real person saying or doing something they did not actually say or do. It will also apply to ads showcasing non-existent individuals or fabricated events, altered footage of real events, or misleading depictions of events that may not be accurate.

In November 2023, Meta extended its ban on new political ads following the U.S. election to combat misinformation. The company also prohibited political campaigns and advertisers in regulated sectors from using its generative AI advertising tools. Despite these efforts, Meta had a setback earlier this year when it scrapped its U.S. fact-checking programs amid pressure from conservatives to overhaul its approach to political content.

Additionally, Meta has introduced a feature allowing users to disclose when they share AI-generated content, enabling the platform to label such media accordingly.