US SEC sues Elon Musk over late disclosure of Twitter stake
- 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.
The SEC said that at the expense of unsuspecting investors, Musk instead bought more than $500 million of Twitter shares at artificially low prices before finally revealing his purchases on April 4, 2022, by which time he owned a 9.2% stake.Tuesday's lawsuit seeks to force Musk to pay a civil fine and disgorge profits he didn't deserve.
He is worth nearly twice as much as Amazon.com founder Jeff Bezos, the world's second-richest person at $232 billion, Forbes said.SEC Chair Gary Gensler is stepping down that day, and Paul Atkins, who Trump nominated to succeed him, is expected to review many of Gensler's rules and enforcement actions.
Musk has long feuded with the SEC, including after it sued him in 2018 over his Twitter posts about possibly taking Tesla private and having secured funding to do so.
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