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The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Elon Musk, accusing him of delaying the disclosure of his substantial stake in Twitter, now known as X, in 2022. The SEC alleges Musk violated federal securities laws by waiting 11 days past the deadline to reveal his purchase of over 5% of Twitter's common shares, initially required by March 24, 2022.
By April 4, 2022, Musk disclosed a 9.2% stake in Twitter, causing the stock price to surge over 27%. During the delay, Musk reportedly acquired $500 million in shares at lower prices, allegedly disadvantaging other investors. The SEC seeks civil penalties and the disgorgement of profits from Musk.
Musk purchased Twitter in October 2022 for $44 billion. His lawyer, Alex Spiro, criticized the SEC's lawsuit as part of a "multi-year campaign of harassment," arguing the case revolves around a minor administrative lapse with minimal penalties.
The billionaire, worth $417 billion according to Forbes, has a history of disputes with the SEC. In 2018, he settled a lawsuit over misleading Tesla privatization tweets, paying a $20 million fine and agreeing to have Tesla's legal team pre-approve certain social media posts.
This latest SEC lawsuit adds to Musk's legal troubles, including a separate case filed by former Twitter shareholders in Manhattan federal court. Musk maintains his delay in disclosure was unintentional.
Known for leading Tesla and SpaceX, Musk remains a controversial figure in technology and finance, drawing attention for his bold investments and regulatory clashes.
The case, filed in Washington, D.C., highlights ongoing tensions between Musk and U.S. regulators, underscoring the importance of compliance with securities laws in high-stakes corporate deals.
