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SEC takes legal action against Elon Musk regarding acquisition of 'undervalued' Twitter shares, according to reports.

2025-04-01 18:11:36
SEC sues Elon Musk over purchase of 'artificially low' Twitter shares: report

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FILE IMAGE: Elon Musk, CEO of SpaceX and Tesla, as well as the owner of X, is seen attending the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, on May 6, 2024. REUTERS/David Swanson/File Image

Elon Musk has been sued by federal regulators, who say he violated securities law by failing to properly disclose his purchase of Twitter shares, which they allege were bought at "artificially low prices," according to a report.

The Securities and Exchange Commission, or SEC, sued the MAGA tech billionaire Tuesday, CNBC reported.

Regulators raised concerns about his acquisition of Twitter shares in 2022. The SEC accused him of committing securities fraud for not revealing his ownership stake in the company and for purchasing shares at "artificially low prices," as stated in the report.

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