US SEC sues Musk for securities fraud..."No shares held at the time of X's acquisition."

The U.S. Securities and Exchange Commission and the SEC have filed a complaint against Tesla Inc TSLA CEO Elon Musk on charges of securities fraud and other charges in connection with the acquisition of the former Twitter Inc. and X.

According to U.S. media outlets, the SEC said in its complaint that Musk had already held a more than 5% stake in Twitter before acquiring it in 2022, but violated his disclosure obligations by failing to disclose it in time.

The SEC said Musk was able to save $150 million and 218.9 billion won in our money by buying additional stocks before investors knew about his stake, and pointed out that he bought stocks cheaper because he did not disclose his stake.

In response, Musk's lawyers countered in a statement, saying, "This lawsuit is fake and is the result of years of bullying."

Musk also posted on X last month, claiming that he pressured the SEC to accept settlements, including fines, within 48 hours and made what he called "consensus demands" that otherwise he would face multiple charges.