Elon Musk, the entrepreneur behind Tesla and SpaceX, is facing a lawsuit from the Securities and Exchange Commission (SEC). The SEC alleges that Musk failed to disclose his 9 percent stake in Twitter within the mandatory 10-day period in March 2022. This delay allowed him to purchase additional shares at lower prices, costing Twitter investors an estimated $150 million. The SEC claims that during the time Musk should have disclosed his ownership, he spent over $500 million on more Twitter shares. Once Musk finally disclosed his stake, Twitter’s stock price surged by 27 percent. The SEC argues that investors who sold their shares during this period did so at artificially depressed prices, leading to significant financial losses. Musk has criticized the SEC, calling it a “weaponized institution,” and has refused a settlement offer.
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