Elon Musk sued by US Securities regulator over late Twitter stake disclosure

The US Securities and Exchange Commission has sued billionaire Elon Musk, saying he failed to disclose his ownership of Twitter stock in a timely manner in early 2022, before buying the social media site.

As a result, the SEC alleges, Musk was able to underpay “by at least USD 150 million” for shares he bought after he should have disclosed his ownership of more than 5 per cent of Twitter’s shares. Musk bought Twitter in October 2022 and later renamed it X.