The U.S. Securities and Exchange Commission is suing Elon Musk for allegedly failing to properly disclose his purchase of Twitter shares before buying the company, currently known as X.

The US Securities and Exchange Commission sues Elon Musk saying he failed to disclose Twitter ownership in a timely manner. View on euronews

Elon Musk is being sued by the U.S. Securities and Exchange Commission, claiming he didn't disclose purchases of Twitter stock in 2022 immediately, allowing him to underpay.

The U.S. SEC sued Elon Musk on Tuesday, claiming he committed securities fraud by buying shares of Twitter at "artificially low prices."

The U.S. 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.

The SEC alleges Elon Musk violated federal securities law by failing to disclose his more than 5% stake in Twitter on time.

Musk, who bought Twitter in October 2022 and renamed it X, had started amassing shares earlier that year. His ownership amounted to more than 5% by March, requiring him to file a disclosure report. The SEC says the report was 11 days late, allowing Musk to "underpay by at least $150 million” for shares purchased before he disclosed his stake.

Regulators filed a lawsuit in federal court stemming from Mr. Musk’s $44 billion purchase of the social media company now called X.

The Securities Exchange Commission has filed suit against Elon Musk, alleging that he violated securities law.

The Securities and Exchange Commission, which is responsible for enforcing laws against market manipulation, says the SpaceX and Tesla CEO ignored the deadline.

WASHINGTON — Elon Musk cheated Twitter shareholders out of more than $150 million by waiting too long to disclose his growing stake in the company as he prepared a takeover

(Reuters) -- Elon Musk was sued on Tuesday by the U.S. Securities and Exchange Commission, which accused the world's richest person of waiting too long to disclose in 2022 he had amassed a large stake in Twitter, the social media company he later bought.