SEC Sues Elon Musk Over Delayed Disclosure of Twitter Stake

The Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, alleging that the billionaire delayed disclosing his acquisition of Twitter Inc. shares to accumulate his stake at lower prices. The case, titled Securities and Exchange Commission v. Musk, is docketed as 25-cv-00105 in the U.S. District Court for the District of Columbia. According to the complaint filed Tuesday in federal court in Washington, DC, the watchdog accuses Musk of intentionally failing to meet the required deadline to disclose his acquisition of more than a 5% stake in Twitter early in 2022, several months before completing his purchase of the social media platform. Alex Spiro, Musk’s attorney, dismissed the allegations, stating that the regulator’s action is 'an admission' of its inability to present a legitimate case.