Elon Musk Fights Back Against SEC Lawsuit, Claims ‘No Harm’ in Late Twitter Investment Disclosure
San Francisco, Calif. — Elon Musk is moving to dismiss a lawsuit filed by U.S. regulators who contend he improperly delayed disclosing an increase in his stake in Twitter, which he later acquired outright and rebranded as X. The U.S. Securities and Exchange Commission (SEC) claims Musk failed to announce his expanded holdings within the mandated timeframe. In its January complaint, the SEC alleges that Musk had accrued more than 5% of Twitter before he officially disclosed his investment, a delay that purportedly saved him approximately $150 million by allowing him to buy shares at … Read more