SEC sues Elon Musk, accusing him of withholding info that cost Twitter investors millions
CBSN
The Securities and Exchange Commission on Tuesday filed a lawsuit against Elon Musk, alleging the X owner misled shareholders about his Twitter stock purchases in 2022.
The suit alleges Musk violated federal securities laws, enabling him to purchase shares of Twitter at artificially low prices before his $44 billion takeover of the social media site. Musk has called the SEC "just another weaponized institution doing political dirty work."
Musk started buying shares of Twitter, which he later renamed X, in early 2022. By mid-March, he'd acquired ownership of more than 5% of the company's outstanding stock, according to the SEC filing. He was required to file a report with the SEC disclosing his purchases, but the lawsuit alleges he failed to do so in a "timely" manner, allowing him to underpay other investors by at least $150 million for shares they bought during that period.
Layoffs across the U.S. spiked in February, reaching their highest levels since July 2020, led by widespread firings of government workers ordered by Elon Musk's Department of Government Efficiency, or DOGE, according to outplacement firm Challenger, Gray & Christmas.
Jordan Willis, a friend of three Kansas City Chief fans who were found dead more than a year ago in the backyard of Willis' home, and another man have been charged in connection to the football fans' deaths.
A federal judge on Wednesday blocked the Trump administration from drastically cutting medical research funding that many scientists say will endanger patients and cost jobs.
Georgia's Stone Mountain Park — once home to the Ku Klux Klan and the site of the largest Confederate carving in the country — has been a point of contention for years.
The Justice Department on Wednesday announced it is investigating the University of California system over allegations of antisemitism in the wake of protests that broke out on several campuses over the war between Israel and Hamas.
An appeals court in Washington, D.C., on Wednesday removed the head of a federal watchdog agency in the latest twist in a legal fight over President Trump's authority to fire the special counsel.
Washington — House Speaker Mike Johnson's chief of staff, Hayden Haynes, was arrested Tuesday night on suspicion of driving under the influence after President Trump's address to a joint session of Congress.
Businesses large and small are bracing for the impact of the Trump administration's new tariffs on U.S. imports from Mexico, Canada and China — and preparing to pass on the pain to consumers.
Reductions at the U.S.' largest federal department began this week, as probationary employees were cut from the Defense Logistics Agency, which is part of the Defense Department.
Veterans Affairs Department plans to cut thousands more jobs as part of Trump's cost-cutting efforts
Washington — The Department of Veterans Affairs plans to slash thousands of employees in the coming months as part of President Trump's initiative to scale back the size of the federal government, according to a memo from the agency's chief of staff.
An avalanche in the Alaskan backcountry buried three skiers under at least 40 feet of snow, Alaska Wildlife Troopers said in a dispatch Wednesday. The blanket of debris could be as deep as 100 feet, they said, which is about the height of a 10-story building.
During his Tuesday night address to Congress, President Trump acknowledged his barrage of tariffs might cause "a little disturbance." But with the stock market tumbling this week in reaction to his import duties, workers with 401(k) plans may wonder about how much that disturbance could affect their retirement savings.
During his Tuesday night address to Congress, President Trump acknowledged his barrage of tariffs might cause "a little disturbance." But with the stock market tumbling this week in reaction to his import duties, workers with 401(k) plans may wonder about how much that disturbance could affect their retirement savings.