Tech
US SEC sues Elon Musk over late disclosure of Twitter stake

Published
5 months agoon

Elon Musk was sued on Tuesday by the U.S. Securities and Exchange Commission, which accused the world’s richest person of waiting too long to disclose in 2022 he had amassed a large stake in Twitter, the social media company he later bought.
In a complaint filed in Washington, D.C. federal court, the SEC said Musk violated federal securities law by waiting 11 days too long to disclose his initial purchase of 5% of Twitter’s common shares.
An SEC rule requires investors to disclose within 10 calendar days, or by March 24, 2022 in Musk’s case, when they cross a 5% ownership threshold.
The SEC said that at the expense of unsuspecting investors, Musk instead bought more than $500 million of Twitter shares at artificially low prices before finally revealing his purchases on April 4, 2022, by which time he owned a 9.2% stake.
Twitter’s share price rose more than 27% following that disclosure, the SEC said.
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Tuesday’s lawsuit seeks to force Musk to pay a civil fine and disgorge profits he didn’t deserve.
Musk eventually purchased Twitter for $44 billion in October 2022, and renamed it X.
Alex Spiro, a lawyer for Musk, in an email called the SEC lawsuit the culmination of the regulator’s “multi-year campaign of harassment” against his client.
“Today’s action is an admission by the SEC that they cannot bring an actual case,” he said. “Mr. Musk has done nothing wrong and everyone sees this sham for what it is.”
Spiro added that the lawsuit addresses a mere “alleged administrative failure to file a single form–an offense that, even if proven, carries a nominal penalty.”
OTHER LAWSUITS OVER TWITTER PURCHASES

Musk, an adviser to U.S. President-elect Donald Trump, is worth $417 billion according to Forbes magazine, through businesses such as the electric car maker Tesla (TSLA.O), and rocket company SpaceX.
He is worth nearly twice as much as Amazon.com (AMZN.O), founder Jeff Bezos, the world’s second-richest person at $232 billion, Forbes said.
The SEC sued Musk six days before Trump’s Jan. 20 inauguration.
SEC Chair Gary Gensler is stepping down that day, and Paul Atkins, who Trump nominated to succeed him, is expected to review many of Gensler’s rules and enforcement actions.
Musk has also been sued in Manhattan federal court by former Twitter shareholders over the late disclosure.
In that case, Musk has said it was implausible to believe he wanted to defraud other shareholders, and that “all indications” were that his delay was a mistake.
Musk has long feuded with the SEC, including after it sued him in 2018 over his Twitter posts about possibly taking Tesla private and having secured funding to do so.
He settled that lawsuit by paying a $20 million civil fine, agreeing to have Tesla lawyers review some Twitter posts in advance, and giving up his role as Tesla’s chairman.
The SEC also sought sanctions from Musk after he missed court-ordered testimony last September for the Twitter probe, so he could attend the launch of SpaceX’s Polaris Dawn mission at Florida’s Cape Canaveral.
A federal judge in San Francisco rejected that request, because Musk later testified and agreed to pay the SEC’s travel costs.
The case is SEC v Musk, U.S. District Court, District of Columbia, No. 25-00105.
Source: www.reuters.com
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Tech
Digital Economy Publisher Congratulates Samuel Nartey George on his Appointment

Published
4 weeks agoon
May 19, 2025
The Publisher and CEO of Digital Economy Magazine, Akin Naphtal recently paid a courtesy call on Samuel Nartey George (MP), Minister for Communication, Digital Technology and Innovations, to congratulate him on his appointment.
During the visit, the Publisher presented copies of the magazine featuring the Minister on the front page.
The magazine profiles the Minister’s background and highlights some of his notable activities since taking office.
Invitation to Digital Innovations Awards
The Minister was also invited to the upcoming Digital Innovations Awards, scheduled for June 27, 2025, at the Labadi Beach Hotel.
This event aims to recognize and celebrate outstanding contributions to digital innovation in Globally.
Mr.Samuel Nartey George expressed his gratitude for the recognition and emphasized the importance of digital innovation in driving Ghana’s economic growth.
The Minister also highlighted the significance of collaboration between the government, private sector, and civil society in resetting Ghana’s digital agenda.
Tech
University of Ghana (UG) Engages Ministry of Communication, Digital Technology and Innovations on Strategic Collaboration

Published
2 months agoon
April 17, 2025
A delegation from the University of Ghana (UG) today visited the Minister for Communication, Digital Technology and Innovations (MoCDTI) to explore collaborative opportunities in digital innovation, skills development and policy alignment.
Director of the Research and Innovation Directorate at the University of Ghana highlighted the University’s commitment to supporting national digital initiatives emphasizing the importance of aligning UG’s research and innovation efforts with governmental agendas in areas like artificial intelligence (AI) and coding.

Professor Dodoo-Arhin noted that UG has been proactive in fostering innovation through hackathons and other programs aimed at enhancing the skillsets of young people. He expressed the University’s interest in the proposed Innovation and Startup Bill, aligning with UG’s strategic focus on innovation.
He therefore announced UG’s readiness to provide space, expertise and certification support for government-led training programs, including curriculum development and short courses under the coders’ initiative.
Samuel Nartey George (MP) Minister for Communication, Digital Technology and Innovations, welcomed the UG delegation and expressed the Ministry’s openness to partnerships with academia.
He underscored the significance of academic input in shaping policies and announced the Ministry’s commitment to completing the Digital Youth Village within three months.
This facility, to be operated in collaboration with UG, will serve as a hub for training and innovation.
The Minister also revealed plans to replicate such centers across the country, integrating them into a broader ecosystem to support national innovation.
He discussed the expansion of the “One Million Coders” program to reskill and upskill Ghana’s workforce, emphasizing the role of universities in this initiative.
The Minister highlighted the Ministry’s intent to act as an enabler for technology adoption across various sectors, including agriculture and health, leveraging AI and other emerging technologies.
Further discussions included the formation of a steering committee to review and evaluate existing training programs, aiming to develop a unified national curriculum for technological skills, subject to approval by the Ghana Tertiary Education Commission (GTEC).
The meeting also touched on the upcoming AI design hackathon for persons with disabilities, scheduled for May, and the 19th International Conference on Advanced Materials (ICAM), to be hosted by UG in collaboration with the International Union of Materials Research Societies (IUMRS) and the African Materials Research Society (AMRS).
Present at the meeting were Prof. Isaac Wiafe, Computer Science Department
Ms. Mammie N. Hutchful Nortey, Senior Research Development Officer
Mr. Leslie C. Kumahlor, Research Development Officer
Mrs. Irene Y. Ashiley, Assistant Registrar and Administrator, Research and Innovation Directorate.
Tech
EU approves 920 million euro German aid for Infineon chips plant

Published
4 months agoon
February 20, 2025
The European Commission said on Thursday it had approved a 920 million euro German state aid to Infineon for the construction of a new semiconductor manufacturing plant in Dresden.
The measure will allow Infineon (IFXGn.DE), to complete the MEGAFAB-DD project which will be able to produce a wide range of different types of chips, the Commission added.
Chipmakers across the globe are pouring billions of dollars into new plants, as they take advantage of generous subsidies from the United States and the EU to keep the West ahead of China in developing cutting-edge semiconductor technology.
The European Commission has earmarked 15 billion euros for public and private semiconductor projects by 2030.
“This new manufacturing plant will bring flexible production capacity to the EU and thereby strengthen Europe’s security of supply, resilience and technological autonomy in semiconductor technologies, in line with the objectives set out in the European Chips Act,” the Commission said in a statement.
The Commission said the plant – which will reach full capacity in 2031 – will be a front-end facility, covering wafer processing, testing and separation, adding that its chips will be used in industrial, automotive and consumer applications.
The aid will take the form of a direct grant of up to 920 million euros to Infineon to support its investment amounting to 3.5 billion euros. Infineon has said the plant will be the largest single investment in its history.
Infineon has agreed with the EU to ensure the project will bring wider positive effects to the EU semiconductor value chain and invest in the research and development of the next generation of chips in Europe, the Commission said.
It will also contribute to crisis preparedness by committing to implement priority-rated orders in the case of a supply shortage in line with the European Chips Act.
Source: www.reuters.com

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