The Securities and Exchange Commission sued Tesla CEO Elon Musk for allegedly delaying a disclosure of a stake in Twitter—allowing him to "underpay by at least $150 million for shares he purchased after his beneficial ownership report was due.

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.

According to the SEC complaint, Musk didn’t follow disclosure rules, “allowing him to underpay by at least $150 million for shares he purchased after his financial beneficial ownership report was due.