SEC sues Musk for securities violations

The U.S. Securities and Exchange Commission (SEC) charged Musk with securities violations. Musk reportedly purchased more than 5% of Twitter common stock in March 2022, but failed to disclose relevant information in a timely manner, violating federal securities laws. It was not until 11 days later, on April 4, 2022, that he publicly disclosed his beneficial ownership to the SEC. This allowed Musk to continue buying Twitter shares at artificially low prices, saving at least $150 million. As a result, Tesla's stock fell 1.72% on January 14.