The US Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, alleging that he failed to disclose his purchase of Twitter shares, which allowed him to buy shares at "artificially low prices." BBC reports.
Musk's lawyers called the lawsuit a fraud against him. Meanwhile, the SEC notes that Musk's actions violated the ethical norms of financial markets.
According to the SEC, Musk violated the rules because he did not declare that his shareholding exceeded 5%. He should have announced that within 10 days, but Musk did it 21 days after the deal. As a result, he saved $150 million.
In 2022, he bought Twitter for $44 billion and renamed it X.
