SEC sues Elon Musk over Twitter-related securities violations
U.S. securities regulators sued Elon Musk in federal court in Washington on Tuesday in an enforcement action stemming from his $44 billion purchase of Twitter, now called X.The lawsuit against Musk, who has become a close adviser to President-elect Donald J. Trump, is likely to be one of the Securities and Exchange Commission's most controversial final acts under Gary Gensler, its outgoing chairman. It could also be reduced in a matter of days, when Trump appoints new leadership to take over the regulator.The SEC alleges that by purchasing Twitter in 2022, Musk violated securities laws by amassing a large stock position in the social media company without filing the proper notification. The complaint stated that he waited 11 days before making the required disclosure to the SECRegulatory d...