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Billionaire Elon Musk filed a motion on Thursday seeking to dismiss a civil lawsuit brought by the U.S. Securities and Exchange Commission (SEC), which accused him of waiting too long in 2022 to disclose a significant stake in social media platform Twitter, later renamed X.
The SEC, in a complaint filed in January in Washington, D.C., said Musk violated federal securities law by waiting 11 days beyond the required 10-day window to disclose his initial purchase of 5% of Twitter’s common shares. The agency sought a civil fine and forfeiture of profits it said resulted from the delayed disclosure.
SEC rules require investors to disclose within 10 calendar days when crossing a 5% ownership threshold. In Musk’s case, the deadline would have been 24 March, 2022.
According to the SEC, Musk instead purchased more than $500 million of Twitter shares at “artificially low prices” before finally revealing his stake on 4 April, 2022, by which time he held a 9.2% share.
Musk’s lawyers argued that he halted further purchases of Twitter shares and filed the disclosure one business day after his wealth manager consulted securities counsel.
“The SEC does not allege that Mr. Musk acted intentionally, deliberately, willfully, or even recklessly,” Musk’s legal team said.
“Rather, the SEC alleges that Mr. Musk late-filed a single beneficial ownership form three years ago, and fully corrected any alleged error immediately upon its discovery. There is no ongoing violation,” they added.
The lawsuit was filed on 14 January, six days before Republican President Donald Trump took office and appointed Musk as a special adviser on federal workforce and spending reductions.
Musk faces a court deadline to respond by Friday (29 August).
Musk’s lawyers also claimed SEC was unfairly targeting him, saying the action “reveals an agency targeting an individual for his protected criticism of government overreach.”
The SEC did not immediately respond to requests for comment outside business hours.
Musk has previously clashed with the SEC, including a 2018 case over his tweets suggesting he might take Tesla private and had secured funding.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A powerful 7.4-magnitude earthquake struck off Russia’s Kamchatka Peninsula on 13 September with no tsunami threat, coming just weeks after the region endured a devastating 8.8-magnitude quake — the strongest since 1952.
Authorities in California have identified the dismembered body discovered in a Tesla registered to singer D4vd as 15-year-old Celeste Rivas Hernandez, who had been missing from Lake Elsinore since April 2024.
From Sunday, all non-EU citizens, including British visitors, will face new biometric checks when entering and exiting the EU under its long-delayed Entry/Exit System (EES).
The Royal Swedish Academy of Sciences announced that the 2025 Nobel Prize in Chemistry has been awarded to Susumu Kitagawa of Kyoto University, Richard Robson of the University of Melbourne, and Omar Yaghi of the University of California.
The 2025 Nobel Prize in Physics has been awarded to John Clarke, Michel H. Devoret, and John M. Martinis for their groundbreaking discovery of macroscopic quantum mechanical tunnelling and energy quantisation in electric circuits.
United States chipmaker AMD will supply artificial intelligence chips to OpenAI in a multi-year agreement that could generate tens of billions of dollars in annual revenue and give the ChatGPT maker the option to acquire up to 10% of the company.
The Nobel Prize in Physiology or Medicine 2025 has been awarded jointly to Mary E. Brunkow, Fred Ramsdell, and Shimon Sakaguchi for their ground breaking discoveries on peripheral immune tolerance.
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