The SEC filed a lawsuit against Elon Musk

Washington DC. The US stock regulator, the Securities and Exchange Commission (SEC), has filed a lawsuit against the billionaire businessman Elon Musk. In 2022, before buying X (Twitter at that time), SEC filed a case against him for not disclosing the fact that he had bought the company’s shares.
Before Musk bought X, he had already bought some of its shares. Musk should have informed Sec about this, but he did not. The SEC has initiated legal action against Musk for violating the rules.
According to media reports, Musk started buying shares of Twitter from the beginning of 2022. As of March 2022, Musk owned more than 5 percent of Twitter. But Musk didn’t disclose it until April 4, the complaint says.
It is a violation of the rules. Musk bought Twitter in October 2022 and later changed its name to X. Musk’s lawyer, Alex Spiro, has called Sack’s lawsuit a fabrication. Agency