“According to the SEC’s complaint, after Musk failed to timely file a beneficial ownership report by March 24, 2022, he purchased more than $500 million worth of Twitter common stock between March 25, 2022 and April 1, 2022,” the release said.
The Securities and Exchange Commission (SEC) announced Tuesday that the agency filed an enforcement action against the co-chair of the Department of Government Efficiency Elon Musk over his purchase of X, according to a litigation release.
Elon Musk did not immediately respond to the Daily Caller News Foundation’s request for comment.
Elon Musk speaks with guests including Donald Trump Jr. and U.S. President-elect Donald Trump. (Photo by Brandon Bell/Getty Images)
In October 2022, Musk officially became the sole owner of X, formerly known as Twitter, after a months-long legal battle after saying he had been originally misled about the number of spam or “bot” accounts on the site. In a litigation release from the government agency, the SEC says Musk “failed to timely file a beneficial ownership report” with the Commission after “acquiring beneficial ownership of more than five percent of the outstanding shares” of then-Twitter stock. (RELATED: Musk Completely Derails UK Political Establishment, Accuses PM’s Party Of Covering Up Muslim Rape Gangs)