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The US Securities and Exchange Commission has filed a lawsuit against Elon Musk, alleging that he failed to disclose his acquisition of more than 5 percent of Twitter shares in a timely manner.
The securities watchdog accused the Tesla CEO, which acquired Twitter in 2022, now known as X, of failing to report a stock purchase he made in March of that year by the required deadline.
“As a result, Musk was able to continue purchasing shares at artificially low prices, allowing him to pay at least $150 million less for the shares he purchased after the beneficial ownership report was due,” the regulator alleged in a complaint filed Tuesday.
Musk did not immediately respond to a request for comment.
