Musk Accused by SEC of Cheating Twitter Holders Out of Millions

Elon Musk cheated Twitter shareholders out of more than $150 million by waiting too long to disclose his growing stake in the company as he prepared a takeover bid, the US Securities and Exchange Commission claimed in a lawsuit filed days before the Trump administration takes over.

The agency’s complaint, which was immediately disputed by a lawyer for Musk, accuses the billionaire of failing to promptly report that he had amassed more than 5% of the social-media platform’s stock in early 2022 — a revelation that would have sent the stock’s price up.

“Because Musk ...