The United States Securities and Exchange Commission (SEC) has taken legal action against Elon Musk.
The case, filed on Tuesday, focuses on Musk’s purchase of Twitter shares in 2022.
The SEC claims Musk did not submit a required ownership report after acquiring over 5% of Twitter’s shares in March 2022.
This delay allegedly allowed him to buy more shares at lower prices, saving at least $150 million.
Musk’s lawyer criticized the case, calling it baseless and part of a long-term pattern of targeting the billionaire.
Musk has faced several legal disputes since taking control of Twitter, now called X, including lawsuits from investors and former employees.
The current case follows allegations that Musk missed the SEC deadline to disclose his early stake in the company.
