The SEC has initiated a lawsuit against Elon Musk for allegedly failing to timely disclose his acquisition of a 5% stake in Twitter, now X. The complaint claims Musk delayed reporting to increase his ownership from 5% to 9%, leading to a significant profit boost. This delay reportedly cost investors over $150 million. The lawsuit comes as Gary Gensler steps down as SEC chairman, amid a history of tension between Musk and the commission. Musk's attorney called the complaint a sign of weakness from the SEC, as they seek to impose penalties on him.