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The U.S. Securities and Exchange Commission has charged Elon Musk with failing to timely disclose his acquisition of more than 5% of Twitter’s stock.
The securities watchdog has accused the head of Tesla, which acquired Twitter, now known as X, in 2022, of failing to communicate the stock purchase it made in March of that year by a set deadline.
“As a result, Mr. Musk was able to continue purchasing stock at artificially low prices and underpaid at least $150 million for stock purchased after the deadline to file beneficial ownership reports. ” the regulators alleged in a complaint filed Tuesday.
Musk did not immediately respond to a request for comment.
