Golden Finance reported that the U.S. Securities and Exchange Commission filed a lawsuit in the federal court in Washington, D.C. 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 the relevant information in a timely manner, violating federal securities laws. Eleven days later, Musk publicly disclosed his beneficial ownership in the report submitted to the SEC on April 4, 2022. This delay allowed Musk to continue purchasing Twitter stock at artificially depressed prices, saving him at least $150 million. On April 4, 2022, the Twitter stock price surged 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." (Golden Finance)