The Securities and Exchange Commission sued Tesla CEO Elon Musk for allegedly delaying a disclosure of a stake in Twitter—allowing him to "underpay by at least $150 million for shares he purchased after his beneficial ownership report was due.

The financial regulator ordered Musk to pay a civil penalty and remedies over alleged “unjust enrichment” ahead of his 2022 purchase of the social network.

According to the SEC complaint, Musk didn’t follow disclosure rules, “allowing him to underpay by at least $150 million for shares he purchased after his financial beneficial ownership report was due.