Musk Battles SEC Over Twitter Shares Disclosure Delay
Elon Musk has requested a federal judge dismiss a lawsuit from the SEC claiming he delayed disclosing his Twitter share purchases, allowing him to save $150 million. Musk argues the delay was unintentional and criticizes the SEC for targeting him over his past criticism of the agency.
Elon Musk has urged a federal judge to dismiss a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), which claims he delayed revealing his Twitter share acquisitions, thereby saving $150 million.
The SEC accuses Musk of waiting 11 days before disclosing his 5% Twitter stake, allowing him to purchase over $500 million worth of shares at lower prices, ultimately costing unsuspecting investors. Musk argues that the delay was accidental and insists he reported his 9.2% stake in compliance with legal advice.
The billionaire, known for his roles at Tesla and SpaceX, criticized the SEC's actions as targeting him for his outspoken criticism. Musk also contends that the $150 million fine proposed by the SEC is excessively punitive compared to similar cases. The case remains ongoing.
(With inputs from agencies.)
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