Twitter's stock price rose 27 percent once Musk belatedly disclosed his stake, the lawsuit said. "During the period that Musk was required to publicly disclose his beneficial ownership but had failed to do so, he spent more than $500 million purchasing additional shares of Twitter common stock," it said.

Elon Musk is only one week into his role in President Donald Trump’s new administration, but the US federal government is already rolling out the Twitter playbook to manage its spending and personnel.

Donald Trump’s administration has been hit with a lawsuit over allegedly collecting federal employee information and directing it to an employee of Elon Musk. The lawsuit, filed in the U.S. District Court for the District of Columbia Monday,

Elon Musk, the genius billionaire behind Tesla, SpaceX, and now the Department of Government Efficiency (D.O.G.E), has vowed to cut wasteful spending in Washington under his “best friend” President Donald Trump’s administration.