The Securities and Exchange Commission filed a lawsuit Tuesday against Elon Musk, accusing the owner of X of failing to properly disclose his purchases of Twitter stock prior to his acquisition of the social media platform in 2022.
The suit, filed in federal court in Washington, D.C., alleges that Musk was required to file a “beneficial ownership” form with the SEC to disclose that he had amassed more than 5% of shares in the company by March 24, 2022. The SEC complaint states that Musk began buying up Twitter shares early in the year. By March 14, Musk owned more than 5% of the company’s outstanding stock, and thus
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