Elon Musk Faces SEC Lawsuit Over 2022 Twitter Stock Purchases

The SEC alleges Musk failed to disclose his acquisition of over 5% of Twitter shares on time, saving him at least $150 million.

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of not disclosing his March 2022 purchase of over 5% of Twitter shares before the required deadline.
The SEC claims Musk's delayed disclosure allowed him to buy additional shares at artificially low prices, saving at least $150 million at the expense of other investors.
Musk finalized his $44 billion acquisition of Twitter, now rebranded as X, in October 2022 following months of legal and public disputes.
Musk's attorney has dismissed the lawsuit as baseless, framing it as part of a broader campaign of harassment by the SEC against the billionaire entrepreneur.
The lawsuit adds to a series of legal challenges Musk has faced related to his Twitter acquisition, including prior SEC actions and shareholder lawsuits over alleged late disclosures.