"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 platform. By waiting too long, Musk cost Twitter shareholders more than $150 million, the SEC said."
"The SEC does not allege that Mr. Musk acted intentionally, deliberately, willfully, or even recklessly. The SEC does not allege that Mr. Musk caused any investor harm, Musk's attorneys wrote in a court filing late Thursday. There is no intent. There is no harm. Simply put, this action is a waste of this court's time and taxpayer resources. The SEC sued Musk in January, less than a week before President Donald Trump took office."
Elon Musk asked a federal judge to dismiss an SEC lawsuit alleging failure to file a required form after accumulating at least a 5% stake in Twitter in 2022. The SEC says Musk missed the 10‑day filing deadline by 11 days and contends the delay cost Twitter shareholders more than $150 million and that public disclosure would have driven the stock higher. Musk's attorneys state the agency does not allege intent, recklessness, or investor harm and call the suit a waste of court and taxpayer resources. The case drew political scrutiny and internal SEC concern about potential political motives.
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