Elon Musk is being sued by the U.S. Securities and Exchange Commission over his alleged failure to provide financial statements about his stock ownership before purchasing the social media company (then-named) Twitter.

Musk bought Twitter shares at 'artificially low prices' and saved $150 million because he reported his Twitter stake late, the SEC alleges.

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.