KEY POINTS
- Musk was supposed to publicly disclose his acquired stocks when they crossed 5% but failed to do so
- The Tesla CEO has since called the SEC a 'totally broken organization'
- The Wall Street regulator wants Musk to pay disgorgement, as well as a civil penalty
The U.S. Securities and Exchange Commission (SEC) on Tuesday filed a lawsuit against tech billionaire Elon Musk, alleging that the X owner did not disclose his active stake in the social media platform (then Twitter) that allowed him to buy Twitter shares at "artificially low prices."
