The U.S. Securities and Exchange Commission sued Musk for not disclosing his purchase of Twitter stock, costing him $150 million.

The SEC filed a lawsuit in federal court in Washington, D.C., on Tuesday against Musk for alleged securities violations, and the SEC said that Musk bought more than 9% of Twitter's common stock in March 2022 but failed to disclose relevant information in a timely manner, violating federal securities laws. After a delay of 11 days, Musk publicly disclosed his beneficial ownership in a report filed with the SEC on April 4, 2022. The postponement allowed Musk to continue buying Twitter shares at artificially low prices, spending at least $150 million less. On April 4, 2022, Twitter's stock price was more than 27% higher than the previous day's Closing Pricepump. Musk's lawyer responded that Musk had done nothing wrong and that the lawsuit was "a farce." (Golden Ten)