The U.S. Securities and Exchange Commission has sued billionaire Elon Musk, saying he failed to disclose his ownership of Twitter stock in a timely manner in early 2022, before buying the social media site.

The US regulator said Musk’s 'violation' had resulted in 'substantial economic harm to investors' and in its filing asked the court to order Musk, the richest man on the planet, with a net worth of more than $400 billion, as per Forbes, to pay a fine and return 'unjust' profits.