>- The SEC on Tuesday filed a suit against Elon Musk, alleging the billionaire violated securities law by acquiring Twitter shares at “artificially low prices.” - In his purchases, Musk underpaid for Twitter shares by at least $150 million, the SEC says. - Musk bought Twitter in 2022 for about $44 billion, later changing the name to X. >The SEC filed a lawsuit against Elon Musk on Tuesday, alleging the billionaire committed securities fraud in 2022 by failing to disclose he had amassed an active stake in Twitter, a secrecy that allowed him to buy shares at “artificially low prices.” >Musk, who is also CEO of Tesla and SpaceX, purchased Twitter for $44 billion in late 2022 and changed the name to X the following year. Prior to the acquisition, he’d built up a position in the company of greater than 5%, which would’ve required disclosing his holdings to the public within 10 calendar days of reaching that threshold. >According to the SEC’s civil complaint, filed in U.S. District Court in Washington, D.C., Musk was more than 10 days late in reporting that material information, “allowing him to underpay by at least $150 million for shares he purchased after his financial beneficial ownership report was due.” Investors may have bid up the stock had they known about Musk’s purchases and interest in the company. . . [Source](https://www.cnbc.com/2025/01/14/sec-sues-musk-alleges-failure-to-properly-disclose-twitter-ownership.html)