Summary
A judge in Washington, DC, decided that Elon Musk cannot move a lawsuit filed by the Securities and Exchange Commission (SEC) to Texas, despite Musk's claim that he is too busy to handle the case in Washington. The SEC lawsuit involves Musk's late disclosure of his Twitter stake, leading to calls for penalties.
Key Facts
- Elon Musk requested to move an SEC lawsuit from Washington, DC, to Texas, but a judge denied this request.
- The judge mentioned that Musk has the resources to manage the case despite his busy schedule.
- The SEC accuses Musk of delaying the disclosure of his more than 5% stake in Twitter, which they say allowed him to buy shares at lower prices.
- The SEC seeks a civil fine and for Musk to give up $150 million, which they allege he saved at the cost of investors.
- Musk’s companies, such as Tesla and SpaceX, are headquartered in Texas.
- The SEC case against Musk began in January, focusing on his late share disclosure in early 2022.
- Musk bought Twitter for $44 billion in October 2022 and renamed it X.
- The judge also dismissed the idea of moving the case to Manhattan, citing her ability to handle it promptly.
