SEC Sues Elon Musk for Securities Fraud Over Delayed Twitter Stock Disclosure

Jan 14, 2025, 11:43 PM

The US Securities and Exchange Commission has sued Elon Musk, alleging that he committed securities fraud by failing to disclose his acquisition of more than 5% of Twitter's shares within the required timeframe in March 2022. The SEC claims that Musk delayed his disclosure by 11 days, allowing him to purchase shares at artificially low prices ahead of his $44 billion takeover of the social media platform. The lawsuit was filed in federal court in Washington.