The SEC has sued billionaire X owner Elon Musk, alleging he failed to disclose his ownership of Twitter stock in a timely manner in 2022.

The U.S. Securities and Exchange Commission has sued billionaire Elon Musk, saying he failed to disclose his ownership of Twitter stock in a timely manner in early 2022, before buying the social media site.

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.

The SEC on Tuesday filed a suit against Elon Musk, alleging the billionaire violated securities law by acquiring Twitter shares at "artificially low prices."

The financial regulator ordered Musk to pay a civil penalty and remedies over alleged “unjust enrichment” ahead of his 2022 purchase of the social network.

Regulators filed a lawsuit in federal court stemming from Mr. Musk’s $44 billion purchase of the social media company now called X.

The SEC sued Elon Musk on Tuesday, accusing the X owner of failing to properly disclose his purchases of Twitter stock in 2022.

The lawsuit accused Musk of misleading shareholders by not reporting his 2022 investment in the social-media company in a timely manner.

Musk ended up buying Twitter for $44bn in October 2022 and has since changed the platform's name to X. The complaint was submitted by the SEC to a federal court in Washington DC on Tuesday. The lawsuit also asked the court to order Musk to give up "unjust" profits and pay a fine.

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.

Elon Musk was sued on Tuesday by the U.S. Securities and Exchange Commission, which accused the world's richest person of waiting too long to disclose in 2022 he had amassed a large stake in Twitter,