Summary
Elon Musk has filed to dismiss a lawsuit by the US Securities and Exchange Commission (SEC), which claims he did not timely disclose his investment in Twitter, allowing him to buy shares at lower prices. The SEC lawsuit says Musk saved money by not informing the public within the required time frame. Musk's lawyers argue there was no harm caused and that any mistake was corrected quickly.
Key Facts
- Elon Musk is trying to dismiss a lawsuit filed by the US SEC.
- The SEC claims Musk disclosed his investment in Twitter too late.
- The delay allegedly allowed Musk to buy shares at lower prices, saving about $150 million.
- Musk's lawyers argue that he corrected any errors immediately and caused no harm.
- According to the SEC, Musk should have revealed his shareholding by March 14, 2022.
- Musk revealed the information 21 days late, on April 4, 2022.
- The SEC accuses Musk of violating US securities rules for disclosure.
- Musk's lawyers call the lawsuit a misuse of taxpayer resources and claim it targets him unfairly.
