SEC Sues Elon Musk Over Delayed Twitter Stake Disclosure, Alleging Purchase at 'Artificially Low Prices'

Jan 14, 2025, 11:40 PM

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk in federal court in Washington, D.C., alleging securities violations related to his 2022 acquisition of Twitter shares. The SEC contends that Musk failed to timely disclose his purchase of over 5% of Twitter's stock in March 2022, delaying his beneficial ownership report by 11 days. This delay allegedly allowed him to buy shares at 'artificially low prices', violating securities laws.