Elon Musk committed securities fraud, claims SEC; the ‘10 days delay’ behind the lawsuit

The US Securities and Exchange Commission (SEC) filed a lawsuit against Elon Musk, alleging that the billionaire committed securities fraud in 2022 by failing to disclose his growing stake in Twitter, a report has said. The CEO of Tesla and SpaceX acquired Twitter for $44 billion in late 2022, subsequently renaming it X.

The SEC contends that Musk intentionally delayed disclosing his ownership stake, allowing him to acquire shares at “artificially low prices” before the market reacted to his involvement, reports CNBC.