Elon Musk Seeks Dismissal of SEC Lawsuit Over Twitter Stake Delay

Elon Musk Seeks Dismissal of SEC Lawsuit Over Twitter Stake Delay

SHUMAILA ASLAM
Scandinavian News Agency
Bureau Chief Pakistan

Elon Musk has asked a U.S. court to throw out the Securities and Exchange Commission’s (SEC) lawsuit accusing him of delaying the disclosure of his 2022 Twitter stake.

The SEC claims Musk violated federal securities laws by waiting 11 extra days before revealing his 5% purchase of Twitter shares, which the regulator says gave him an unfair market advantage. The agency is seeking a fine and repayment of profits.

In a filing submitted Thursday, Musk’s legal team argued that he stopped buying shares before making the disclosure and submitted the paperwork a day after his wealth manager consulted legal experts on reporting requirements.

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