SEC sues Elon Musk, alleging he failed to disclose Twitter purchases

Zoom out: The SEC, in a suit filed in federal court in Washington, alleges that Musk did not file disclosures in a timely manner in March 2022 as he was acquiring shares of Twitter, now known as X.

• Because investors did not know the size of his holdings, that allegedly let him buy stock at "artificially low prices," the SEC said, underpaying by an estimated $150 million.

What they're saying: "Today's action is an admission by the SEC that the they cannot bring an actual case — because Mr. Musk has done nothing wrong and everyone sees this sham for what it is," his attorney Alex Spiro said in a statement.

• Spiro went on to call the case a "single-count ticky tak complaint."

Zoom in: The complaint requests an order forcing Musk to give up his "unjust" profits and pay unspecified civil penalties.

Flashback: Musk said he was joining Twitter's board in April 2022, after he'd already purchased 9% of the company's stock.

• He later backed out of the board seat and acquired the company outright.

Go deeper: Elon Musk fight with SEC reaches tipping point