SEC Sues Musk Over Twitter Stock Disclosure

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of delaying the disclosure of his acquisition of over 5% of Twitter's shares in 2022, which allegedly allowed him to save $150 million by buying shares at lower prices. The SEC claims Musk violated federal securities laws by not reporting his stake within the required 10-day period, leading to a 27% spike in Twitter's stock price when the stake was finally disclosed. Musk's legal team argues that the lawsuit is unwarranted and reflects a campaign of harassment by the SEC. The lawsuit seeks civil penalties and the repayment of funds Musk allegedly gained from his actions. Musk has criticized the SEC, labeling it as politically motivated and corrupt. The case highlights Musk's ongoing legal challenges with the SEC, which have previously included significant fines related to his business activities.