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SEC Sues Elon Musk for Securities Fraud Over Late Disclosure of Twitter Stock Purchase
Jan 14, 2025, 11:23 PM
On Tuesday, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Elon Musk in federal court in Washington, D.C., alleging that he failed to timely disclose his purchase of more than 5% of Twitter's common stock in March 2022. The SEC claims that Musk filed his beneficial ownership report 11 days after the deadline, which allowed him to buy shares at artificially low prices and constitutes securities fraud.
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