Plaintiffs led by the Oklahoma Firefighters Pension and Retirement System said Musk ignored an SEC deadline of March 24, 2022 to reveal he had bought 5% of Twitter shares, and waited 11 more days before revealing his 9.

A U.S. judge on Friday rejected billionaire Elon Musk's bid to dismiss a lawsuit claiming he defrauded former Twitter shareholders by waiting too long to disclose his initial investment in the social media company,

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A representative of the Securities and Exchange Commission served Elon Musk earlier this month with a copy of a complaint about the purchase of Twitter stock.

Apart from the shareholders of the company, the US securities and exchange commission is also suing Musk for improper disclosure.

An SEC spokesperson declined to comment on the vote when contacted by Ars today. The three current commissioners are Uyeda, Peirce, and Democrat Caroline Crenshaw. Gary Gensler, a Democrat who was chair under Biden, left upon Trump's inauguration. Democrat Jaime Lizárraga also resigned from the SEC in January.

The U.S. Securities and Exchange Commission (SEC) issued a summon to Tesla Inc (NASDAQ: TSLA) CEO Elon Musk over potential securities law violations. The decision was made following a vote by the five commissioners of the SEC,

Musk is accused of securities law violations related to his purchase of Twitter.