Elon Musk hit with SEC lawsuit for delayed Twitter stock disclosure in 2022

The United States Securities and Exchange Commission has sued Elon Musk, arguing that his purchase of Twitter shares in 2022 was carried out with violations, the regulator said in a filing published Tuesday.

“Defendant Elon Musk failed to timely file with the SEC a beneficial ownership report disclosing his acquisition of more than five per cent of the outstanding shares of Twitter’s (now called X) common stock in March 2022, in violation of the federal securities laws,” the agency said in a court filing.

(More to follow)