Elon Musk Seeks Dismissal of SEC Lawsuit
Billionaire Elon Musk has filed a motion to dismiss the SEC's lawsuit, which claims he delayed disclosing his significant stake in Twitter in 2022. Following his acquisition of Twitter, Musk rebranded the company as X. Musk's legal team aims to contest the allegations in court.
On Thursday, billionaire Elon Musk took a significant legal step by filing a motion to dismiss a lawsuit brought against him by the U.S. Securities and Exchange Commission (SEC).
The lawsuit alleges that Musk waited too long to disclose his substantial investment in Twitter during 2022, a move the SEC views as non-compliant with regulatory requirements.
After acquiring Twitter, Musk renamed the platform to X. His legal team is now prepared to challenge the SEC's accusations in court.
(With inputs from agencies.)
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