Elon Musk faces US lawsuit in enforcement action regarding $44 billion purchase of Twitter, now X

US securities regulators sued Elon Musk in federal court in Washington on Tuesday in an enforcement action arising from his $44 billion purchase of Twitter, now called X.

The lawsuit against Musk, who has become a close adviser to President-elect Donald J. Trump, is likely to be one of the more contentious final acts of the Securities and Exchange Commission under Gary Gensler, its departing chair. It could also be undercut in just a few days, when Trump appoints new leadership to take charge of the regulator.