The US Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, the billionaire CEO of X (formerly Twitter), alleging that he violated securities laws by not disclosing his large stock position in the company. The complaint claims that Mr. Musk waited 11 days before filing the required notification, allowing him to buy more shares at an artificially low price and potentially underpaying for the additional shares. This is the third time the SEC has taken action against Mr. Musk, who has been a target of regulatory scrutiny since his $44 billion acquisition of Twitter in 2022. The case may be subject to change when President-elect Donald Trump’s appointees take over as regulators.
Source: https://www.nytimes.com/2025/01/14/technology/sec-elon-musk-securities-violations.html