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.

The U.S. Securities and Exchange Commission (SEC) has sued Elon Musk, alleging that the billionaire failed to disclose his acquisition of Twitter stocks within the legally required timeframe in 2022. The most surprising aspect of this lawsuit is that it took so long to arrive.

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.