The SEC said Elon Musk had enriched himself at the expense of Twitter shareholders by not reporting a 5% stake he amassed in Twitter, now X, in time.

Musk bought Twitter shares at 'artificially low prices' and saved $150 million because he reported his Twitter stake late, the SEC alleges.

Elon Musk is being sued by the U.S. Securities and Exchange Commission over his alleged failure to provide financial statements about his stock ownership before purchasing the social media company (then-named) Twitter.