Elon Musk sued over failure to disclose stocks before buying Twitter

Elon Musk (AP)

The US Securities and Exchange Commission (SEC) has sued billionaire Elon Musk, saying he failed to disclose his ownership of Twitter stock in a timely manner in early 2022, before buying the social media site.

As a result, the SEC alleges, Mr Musk was able to underpay “by at least 150 million dollars” (£123 million) for shares he bought after he should have disclosed his ownership of more than 5% of Twitter’s shares. Mr Musk bought Twitter in October 2022 and later renamed it X.