The SEC filed a lawsuit against Elon Musk, alleging securities fraud for failing to disclose his stake in Twitter in 2022, which allowed him to purchase shares at artificially low prices. Musk acquired over 5% of Twitter before the required disclosure, missing the deadline and underpaying by at least $150 million. The SEC claims Musk's delay in reporting benefited him by enabling stock purchases at a reduced cost, and it is seeking a jury trial for disgorgement and penalties. Musk is set to gain influence in the White House as President-elect Trump's second term begins, leading an advisory group focused on reducing regulations, including those impacting Musk's companies.
