The U.S. Securities and Exchange Commission is suing Elon Musk for allegedly failing to properly disclose his purchase of Twitter shares before buying the company, currently known as X.

Elon Musk is being sued by the U.S. Securities and Exchange Commission, claiming he didn't disclose purchases of Twitter stock in 2022 immediately, allowing him to underpay.

The U.S. SEC sued Elon Musk on Tuesday, claiming he committed securities fraud by buying shares of Twitter at "artificially low prices."

The has SEC said that starting in April 2022, it authorized an investigation into whether any securities laws were broken in connection with Musk’s purchases of Twitter stock and his statements and SEC filings related to the company.

Elon Musk had sharp words for a private-sector partnership touted this week by the Trump administration to hasten the development of artificial intelligence infrastructure. “They don’t actually have the money,” Musk said of two of the participants in the $500 billion initiative, OpenAI and SoftBank, on his social media site X.

The SEC has sued billionaire X owner Elon Musk, alleging he failed to disclose his ownership of Twitter stock in a timely manner in 2022.

Musk, who bought Twitter in October 2022 and renamed it X, had started amassing shares earlier that year. His ownership amounted to more than 5% by March, requiring him to file a disclosure report. The SEC says the report was 11 days late, allowing Musk to "underpay by at least $150 million” for shares purchased before he disclosed his stake.

The Securities Exchange Commission has filed suit against Elon Musk, alleging that he violated securities law.

With the ushering in of the second Trump presidency, Americans can expect things to shake up in many different areas. Trump’s promises surrounding immigration, the economy, ending wars, and cutting federal spending are all promises he professed he would keep on the first day of his presidency.

Regulators filed a lawsuit in federal court stemming from Mr. Musk’s $44 billion purchase of the social media company now called X.

The Securities and Exchange Commission, which is responsible for enforcing laws against market manipulation, says the SpaceX and Tesla CEO ignored the deadline.

After boosting Donld Trump through extreme sycophancy, turning Twitter into the red-pilled X, and dousing the once-and-future president with $239 million in campaign contributions, Musk earned himself a starring role in Trump’s second administration. But he didn’t want to be a secretary of anything; rather, he wanted DOGE.