A Golden Finance report stated that the U.S. Securities and Exchange Commission filed a lawsuit against Elon Musk in the Washington, D.C. federal court on Tuesday, accusing Musk of violating securities regulations. The SEC claimed that Musk purchased more than 9% of Twitter common stock in March 2022 but failed to disclose relevant information in a timely manner, violating federal securities laws. Eleven days later, Musk publicly disclosed his beneficial ownership in a report submitted to the SEC on April 4, 2022. This delay allowed Musk to continue purchasing Twitter stocks at artificially low prices, saving him at least $150 million. On April 4, 2022, the price of Twitter stocks increased by more than 27% compared to the previous day's closing price. Musk's lawyer responded that Musk did nothing wrong and that the lawsuit is "a farce." (Jinshi)