Elon Musk Faces SEC Lawsuit Over Twitter Ownership Disclosure Violations

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, alleging that he failed to disclose his ownership of Twitter stock within the legally required timeframe in early 2022. By delaying the disclosure, Musk was able to purchase additional shares at lower prices, saving him at least $150 million. The SEC claims this action misled investors and caused them economic harm. Musk, who later acquired Twitter for $44 billion and renamed it X, has denied any wrongdoing and called the lawsuit a “sham.”