The Securities and Exchange Commission (SEC) announced Tuesday that it has filed an enforcement action against Department of Government Efficiency Co-Chairman Elon Musk over his acquisition of Company X, according to a lawsuit release.

In October 2022, Musk announced that X, formerly known as Twitter, would lose its sole Became the owner. in Waiver of lawsuit The SEC heard from the agency that Musk “failed to timely file a beneficial ownership report” with the commission after “obtaining beneficial ownership of more than 5 percent of the outstanding shares” of Twitter stock at the time. said. (Related article: Musk accuses Prime Minister’s party of completely derailing British political system and covering up Muslim rape gang)

“According to the SEC complaint, after failing to timely file a beneficial ownership report by March 24, 2022, Mr. Musk “We purchased more than $1 billion worth of Twitter common stock,” the release said.

“As alleged, Mr. Musk did not file beneficial ownership reports with the SEC in a timely manner, resulting in artificially low prices from an unsuspecting public that had not yet factored in Mr. Musk’s non-public material information.” could purchase Twitter’s common stock with a beneficial ownership of 5% or more of Twitter’s common stock and for investment purposes. ”

The SEC alleges that because of Musk’s “failure to timely file,” the billionaire underpaid “at least $150 million for the purchase of Twitter common stock” during the transfer period.

“The complaint further alleges that because Mr. Musk failed to timely file beneficial ownership reports with the SEC, investors who sold Twitter common stock between March 25, 2022 and April 1, 2022 were subject to artificial “He claims that he sold the property at a low price and suffered significant financial harm as a result,” the release states.

With less than six days until President-elect Donald Trump’s inauguration, the SEC is especially announced On Tuesday, it was announced that Chief Accountant Paul Munter plans to retire from the agency on January 25th. With Munter on leave, it is unclear whether the SEC will move forward with charges against Musk.

Elon Musk did not immediately respond to a request for comment from the Daily Caller News Foundation.

All content produced by the Daily Caller News Foundation, an independent, nonpartisan news distribution service, is available free of charge to legitimate news publishers with large audiences. All republished articles must include our logo, reporter byline, and DCNF affiliation. If you have any questions about our guidelines or partnering with us, please contact us at licensing@dailycallernewsfoundation.org.