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The Securities and Exchange Commission (SEC) has filed a lawsuit against Tesla CEO Elon Musk, alleging securities law violations related to his acquisition of a substantial stake in Twitter. The SEC claims Musk failed to disclose his ownership of more than 5% of Twitter shares in a timely manner, enabling him to purchase additional shares at lower prices, saving at least $150 million.
Musk, who took Twitter private in 2022 for $44 billion and rebranded it as X Corp, responded strongly on X (formerly Twitter), calling the SEC a "broken organization" and accusing it of ignoring more serious crimes. The regulator is also investigating Musk’s sales of Tesla stock, which were reportedly used to fund the Twitter buyout.
Last month, Musk disclosed that the SEC had pressured him to settle within 48 hours or face multiple charges related to his Twitter acquisition. This is not Musk's first clash with the SEC; he faced a lawsuit in the late 2010s for allegedly making misleading statements about taking Tesla private.
The current lawsuit could be among the SEC’s final enforcement actions under the Biden administration. SEC Chair Gary Gensler has announced his intent to step down when President-elect Donald Trump assumes office on January 20. Trump has nominated former SEC Commissioner Paul Atkins to replace Gensler, signaling potential regulatory shifts.
As Musk continues to challenge the SEC, the case underscores his ongoing legal battles and the scrutiny surrounding his business dealings. The outcome may have significant implications for both Musk’s ventures and future regulatory enforcement.
