US SEC sues Elon Musk over late disclosure of Twitter stake
(Reuters) - Elon Musk was sued on Tuesday by the U.S. Securities and Exchange Commission for having failed to timely disclose purchasing more than 5% of Twitter's common stock in March 2022.
In a complaint filed in Washington, D.C., federal court, the SEC said the delay allowed Musk to continue buying Twitter shares at artificially low prices, allowing him to underpay by at least $150 million.
(Reporting by Jonathan Stempel in New York; Editing by Leslie Adler))