The US Securities and Exchange Commission sued Elon Musk on Tuesday for failing to properly disclose his ownership of X, then known as Twitter, which allowed him to buy shares of the platform at “artificially low prices.

The U.S. Securities and Exchange Commission (SEC) has sued Elon Musk, alleging that the billionaire failed to disclose his acquisition of Twitter stocks within the legally required timeframe in 2022. The most surprising aspect of this lawsuit is that it took so long to arrive.

The U.S. Securities and Exchange Commission is suing Elon Musk for allegedly failing to properly disclose his purchase of Twitter shares before buying the company, currently known as X.