SEC Sues Elon Musk for Alleged Failure to Properly Disclose Twitter Ownership

The U.S. Securities and Exchange Commission has filed a lawsuit against Elon Musk alleging he failed to timely disclose owning over 5% of Twitter shares. The SEC claims Musk's delay resulted in saving $150 million through purchasing shares at artificially low prices. The lawsuit aims to reclaim undue profits from Musk and impose a civil penalty for breaching disclosure regulations. Musk responded by criticizing the SEC as a 'totally broken organization' and accusing them of misdirected priorities.