SEC Sues Elon Musk Over Alleged Securities Violations

The New York Times reports:

U.S. securities regulators sued Elon Musk in federal court in Washington on Tuesday in an enforcement action arising from his $44 billion purchase of Twitter, now called X. The lawsuit against Mr. Musk, who has become a close adviser to President-elect Donald J. Trump, is likely to be one of the more contentious final acts of the Securities and Exchange Commission under the direction of Gary Gensler, its departing chair.

The S.E.C. contends that in buying Twitter in 2022, Mr. Musk violated securities laws by amassing a large stock position in the company without filing the proper notification. The complaint said he had waited 11 days before filing the required disclosure with the S.E.C. The regulatory filings are required so investors in the marketplace can

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