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SEC Sues Musk for Alleged Securities Fraud Related to Twitter Acquisition and Delayed Stake Disclosure
2025-01-15
On Tuesday, the Securities and Exchange Commission (SEC) initiated legal action against Elon Musk, accusing him of securities fraud in 2022. The SEC alleges that Musk failed to promptly disclose his substantial holding in Twitter (now rebranded as X) and continued to acquire shares at reduced prices, resulting in an underpayment of at least $150 million. Specifically, Musk amassed over 9% of Twitter's common stock in March 2022 but only notified the SEC of his beneficial ownership eleven days later.
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