Elon Musk faces US SEC lawsuit over late disclosure of Twitter stake
Photo: Reuters
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of failing to disclose his acquisition of a significant stake in Twitter within the required timeframe.
The Securities and Exchange Commission (SEC) lawsuit alleges that the multi-billionaire Tesla boss saved $150m (£123m) in share purchases as a result, News.Az reports, citing BBC.According to SEC rules, investors whose holdings surpass 5% have 10 days to report that they have crossed that threshold. Musk did so 21 days after the purchase, the filing says.
In a social media post, Musk called the SEC a "totally broken organisation."
He also accused the regulator of wasting its time when "there are so many actual crimes that go unpunished."
"Musk's violation resulted in substantial economic harm to investors," the SEC complaint said.
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