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