The U.S. Securities and Exchange Commission (SEC) has sued Elon Musk, alleging that the billionaire failed to disclose his acquisition of Twitter stocks within the legally required timeframe in 2022. The most surprising aspect of this lawsuit is that it took so long to arrive.

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.

Text shows that the Twitter board was enthusiastic about Musk's decision to buy up large sections of the company

Chinese officials are reportedly exploring a backup plan for TikTok after the Supreme Court appeared unlikely to save it from a US ban. With TikTok’s legal options nearly exhausted, multiple news outlets are reporting that China is considering an option it previously said it wouldn’t: letting ByteDance sell the app.

TikTok has rejected claims that its US business could be sold to Elon Musk. The platform’s statement comes in response to a Bloomberg report on Monday, which said Chinese officials were considering selling its US business to Elon Musk should they fail to convince the Supreme Court to overturn the ban.

TikTok has rejected reports that Chinese officials are considering allowing Elon Musk to buy the platform if it fails to fight off a looming U.S. ban, calling the claims "pure fiction."