Elon Musk sued by US markets regulator over Twitter stake disclosure
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Under SEC rules, investors must report within 10 days when their holdings in a company surpass 5% – the SEC’s filing says Mr Musk did not report until 21 days after going beyond that threshold. The US regulator said Mr Musk’s “violation” had resulted in “substantial economic harm to investors” and in its filing asked the court to order Mr Musk to pay a fine and return “unjust” profits. The SEC said Twitter’s share price rose by more than 27% after the Tesla boss made his share purchase public in April 2022 – he would go on to buy Twitter for 44 billion dollars in October that year, and has since renamed the platform X. The new department will sit outside government but will offer guidance to the Trump White House, with Mr Musk leading it alongside former Republican presidential candidate Vivek Ramaswamy.