The U.S. Securities and Exchange Commission (SEC) Elon Musk On Tuesday, the billionaire was accused of committing securities fraud in 2022 by failing to disclose his ownership in Twitter and buying shares at an “artificially low price.”

Musk serves as CEO of both Tesla and SpaceX bought twitter Acquired the social network for $44 billion and later changed the name of the social network to X. Prior to the acquisition, he already held more than 5% of the company’s shares, which required his holdings to be disclosed to the public.

According to the SEC complaint, Musk failed to comply with disclosure rules, “resulting in him being underpaid by at least $150 million for shares purchased after financial beneficial ownership reports were due.”

SEC had investigation Did Musk or anyone working with him commit securities fraud in 2022? Tesla The CEO sold stock in his car company and increased his stake in Twitter ahead of a leveraged buyout. Musk explain A post last month on

President-elect Donald Trump’s second term begins on January 20, just a week before Musk takes on a potentially influential role in the administration. Musk was Trump’s main financial backer late in the campaign and is poised to play a major role in the campaign. Leads an advisory group focused in part on reducing regulations, including those affecting Musk’s companies.

This story is developing.