Published: Friday, March 21, 2025 · 3:00 AM | Updated: Friday, March 21, 2025 · 3:00 AM
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Recent documents reveal that Tesla’s (TSLA, Financial) CEO, Elon Musk, received a U.S. court subpoena last week concerning a lawsuit by the U.S. Securities and Exchange Commission (SEC). The lawsuit alleges that Musk failed to properly disclose his 2022 acquisition of shares in X, formerly known as Twitter.
The subpoena is related to Musk’s failure to publicly disclose his ownership of more than 5% of Twitter shares within the legally required 10-day period. This delay allegedly allowed Musk to save at least $150 million on subsequent stock purchases made after the reporting deadline.
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