The SEC has sued billionaire X owner Elon Musk, alleging he failed to disclose his ownership of Twitter stock in a timely manner in 2022.

The US Securities and Exchange Commission sued Elon Musk on Tuesday for failing to properly disclose his ownership of X, then known as Twitter, which allowed him to buy shares of the platform at “artificially low prices.

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.

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’s U.S. operations might soon have a new owner - Elon Musk. Chinese officials are said to be considering allowing the sale of the social network to the billionaire.