US markets watchdog sues Musk over Twitter stake disclosure

The US markets watchdog has filed a lawsuit against Elon Musk alleging he failed to disclose that he had amassed a stake in Twitter, allowing him to buy shares at "artificially low prices."

The Securities and Exchange Commission (SEC) lawsuit alleges that the multi-billionaire Tesla boss saved $150m (£123m) in share purchases as a result.

According to SEC rules, investors whose holdings surpass 5% have 10 days to report that they have crossed that threshold. Musk did so 21 days after the purchase, the filing says.

Musk's lawyer did not immediately respond to a BBC News request for comment.

Twitter's share price rose by more than 27% after Musk made his share purchase public, the SEC said.

Musk ended up buying Twitter for $44bn in October 2022 and has since changed the platform's name to X.

The complaint was submitted by the SEC on Tuesday to a federal court in Washington DC.

This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version.

You can receive Breaking News on a smartphone or tablet via the BBC News App. You can also follow @BBCBreaking on X, external to get the latest alerts.