 Under securities law, Musk was supposed to alert regulators within 10 days after purchasing 5% or more of Twitter stock. Musk now says his failure to do so was a mistake and not a scheme to defraud. Lawyers for Musk say he misunderstood a federal disclosure law. He eventually purchased Twitter, now X, for $44 billion in October 2022. Internal financial documents show the company's value has dropped by more than 70% since then. Bobby Allen, NPR News.