US EditionMusk seeks dismissal of SEC lawsuit on his 2022 Twitter stake
Elon Musk argues he acted without intent to mislead and corrected the disclosure promptly, challenging SEC claims of a securities law violation.
- On Thursday, Elon Musk filed a motion in Washington, D.C. federal court to dismiss the U.S. Securities and Exchange Commission's civil lawsuit alleging delayed Twitter stake disclosure.
- The SEC alleges Musk bought more than $500 million of Twitter shares and disclosed purchases on April 4, 2022, by which he owned a 9.2% stake, missing the March 24, 2022 deadline.
- Musk's lawyers argue he stopped buying Twitter shares and filed disclosure one business day after his wealth manager consulted securities disclosure counsel, noting the SEC does not allege intentional wrongdoing and there is no ongoing violation.
- The SEC is seeking civil fines and disgorgement of profits tied to alleged violations, and Musk faced a court response deadline by Friday, while the SEC did not comment outside business hours.
- Musk has long clashed with the U.S. Securities and Exchange Commission , including the 2018 SEC lawsuit; earlier this year, the SEC sued Musk six days before President Donald Trump appointed him special adviser.
28 Articles
28 Articles
Elon Musk blasts another major agency as 'waste of taxpayer resources' while trying to dismiss $150M Twitter lawsuit
Billionaire Elon Musk filed a motion on Thursday to dismiss the US Securities and Exchange Commission’s civil lawsuit over his delayed Twitter stock disclosure in 2022. The SEC filed the lawsuit in January, claiming Musk violated federal securities law by waiting 11 days beyond the required timeframe to report his purchase of more than 5% of Twitter’s common shares. The agency alleges this delay allowed Musk to buy additional shares at artificia…
Musk Seeks Dismissal of SEC Lawsuit, Says He Was Targeted for Criticism of Government Overreach
Elon Musk has asked a federal judge to throw out a Securities and Exchange Commission (SEC) lawsuit accusing him of waiting too long to disclose his multibillion-dollar stake in Twitter, before he bought the platform, arguing the regulator is targeting him for political reasons. In an Aug. 28 filing in the U.S. District Court for the District of Columbia, Musk’s lawyers said the SEC is pursuing him not for the substance of the violation but beca…
East Bay Times
Musk seeks to dismiss SEC suit over Twitter stake disclosure
(Bloomberg/Nicola M White) — Elon Musk asked a federal judge to dismiss a US Securities and Exchange Commission lawsuit over his growing stake in Twitter Inc. in 2022, calling allegations that he cheated investors government overreach. The Wall Street regulator alleged Musk blew the deadline to file a special form saying he had accumulated at least a 5% ownership stake in Twitter before launching his $44 billion takeover bid for the social media…
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