Kiss official biography of elon

1971-present

Elon Musk News: Entrepreneur Faces SEC Lawsuit Over Twitter Violations

Elon Musk is being sued by the U.S.

Securities and Exchange Commission for allegedly failing to disclose his large stake in X, formerly Twitter, in 2022, before purchasing the social media site. The lawsuit, which was filed in federal court on January 14, contends that Musk committed securities fraud by not disclosing that he owned more than 5% of Twitter's shares until 11 days after the report was due, allowing him to buy stock in the company at “artificially low prices.”

According to the SEC, the Tesla CEO underpaid investors by $150 million for the additional shares he bought after surpassing the 5% ownership threshold.

“Had Musk and his wealth manager disclosed his ownership as required, the stock price would likely have increased significantly,” the suit reads.

The 53-year-old responded to the filing Monday in a post on X, calling the SEC a “totally broken organization” that