| The Securities and Exchange Commission on Tuesday filed a lawsuit against Elon Musk over the billionaire's alleged failure to properly disclose his purchase of Twitter stock in 2022. For 11 days, Musk — the world's richest man and a major backer of President-elect Donald Trump — allegedly failed to properly file notice that he had acquired a major stake in Twitter, the SEC said in a court filing in Washington. The SEC said that as a result Musk benefited from what it described as "artificially low prices" as he snatched up shares in the company. "In total, Musk underpaid Twitter investors by more than $150 million for his purchases of Twitter common stock during this period," the SEC said in its complaint. "Investors who sold Twitter common stock during this period did so at artificially low prices and thus suffered substantial economic harm."
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