SEC sues Elon Musk for failure to disclose growing Twitter stake on time

The Securities and Exchange Commission sued Elon Musk, alleging that the billionaire waited to disclose his acquisition of Twitter Inc. shares in order to build his position at lower prices.

The agency claims in a complaint filed Tuesday in federal court in Washington, DC, that the billionaire deliberately ignored a deadline to publicly disclose that he acquired more than a 5 per cent stake in the company early in 2022, several months before he completed his acquisition of the social media platform.