SEC Sues Elon Musk Over Undisclosed Twitter Stake

SEC Sues Elon Musk Over Undisclosed Twitter Stake

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, alleging that he failed to disclose his significant stake in Twitter, which allowed him to acquire shares at "artificially low prices." 

The lawsuit claims that the Tesla CEO saved approximately $150 million (£123 million) on his share purchases due to this lack of disclosure. According to SEC regulations, investors whose holdings exceed 5% must report this within 10 days. However, Musk reportedly disclosed his stake 21 days after surpassing that threshold.

In response to the lawsuit, Musk took to social media to accuse the regulator of wasting its time.