US markets watchdog sues Musk over Twitter stake disclosure

The US markets watchdog has filed a suit against Elon Musk alleging helium failed to disclose that helium had amassed a involvement successful Twitter, allowing him to bargain shares astatine "artificially debased prices."

The Securities and Exchange Commission (SEC) suit alleges that the multi-billionaire Tesla brag saved $150m (£123m) successful stock purchases arsenic a result.

According to SEC rules, investors whose holdings surpass 5% person 10 days to study that they person crossed that threshold. Musk did truthful 21 days aft the purchase, the filing says.

Musk's lawyer did not instantly respond to a BBC News petition for comment.

"Musk's usurpation resulted successful important economical harm to investors," the SEC ailment said.

Twitter's stock terms roseate by much than 27% aft Musk made his stock acquisition public, the SEC said.

Musk ended up buying Twitter for $44bn successful October 2022 and has since changed the platform's sanction to X.

The ailment was submitted by the SEC to a national tribunal successful Washington DC on Tuesday.

The suit besides asked the tribunal to bid Musk to springiness up "unjust" profits and wage a fine.