Elon R. Musk

The Securities and Exchange Commission filed an action against Elon Musk for violating beneficial ownership reporting requirements. Musk allegedly failed to timely file a report after acquiring over 5% of Twitter's outstanding shares, saving at least $150 million by buying stock at artificially low prices. Musk's failure to disclose his ownership impacted investors who sold shares between March 25, 2022, and April 1, 2022, selling at lower prices than they would have if Musk had filed the report on time. The SEC charges Musk with violating Section 13(d) of the Exchange Act and seeks permanent injunctive relief, disgorgement of ill-gotten gains, and civil penalties.