Elon Musk Challenges SEC Lawsuit Over Twitter Stake Disclosure

Elon Musk is pushing back against a lawsuit filed by the U.S. Securities and Exchange Commission, which claims he failed to disclose his Twitter stake promptly. The civil suit alleges Musk delayed revealing his 5% share in the social media platform, now called X, influencing stock value.

The SEC, according to its complaint, argues that Musk's delay in disclosing his purchase resulted in him acquiring additional shares at lower prices, disadvantaging other investors. Musk's lawyers rebut, stating the billionaire ceased buying shares upon learning of the filing requirements and addressed the oversight immediately.

This legal battle adds to Musk's tumultuous history with the SEC, including a prior suit over tweets about taking Tesla private. The SEC declined to comment on the recent motion to dismiss, while Musk's team criticizes the agency's motives and assures no ongoing violation exists.

(With inputs from agencies.)