The Securities and Exchange Commission (SEC) has announced the continuation of its $150 million lawsuit against Elon Musk, stemming from his acquisition of Twitter in 2022. The SEC’s case alleges that Musk misrepresented his ownership stake in the company before purchasing millions of dollars worth of stock. Specifically, the lawsuit argues that Musk failed to disclose his ownership exceeding 5% of Twitter prior to completing the purchase on March 24, 2022. This delay is alleged to have undervalued the shares he acquired. The SEC asserts this non-compliance caused an estimated $150 million reduction in Musk’s cost for shares purchased after the deadline. The lawsuit alleges that Musk’s delayed disclosure led to a subsequent surge of 27% in Twitter’s stock price following his filing, which was later deemed illegal. ”,