US Securities Regulator Sues Elon Musk Over Alleged Failure to Disclose Early Twitter Stock Purchase

The US Securities and Exchange Commission (SEC) is suing Elon Musk for allegedly failing to promptly disclose his stake in Twitter before acquiring the social media platform. Musk's failure to file a timely beneficial ownership report allowed him to buy shares at artificially low prices, saving him $150 million. Musk's attorney denies the allegations, calling the filing a sham that was part of a multi-year harassment campaign. The SEC alleges that Musk did not disclose his 5% stake in Twitter until 11 days after the report was due.