Posted on 08/29/2025 11:11:38 AM PDT by E. Pluribus Unum
Summary
Aug 29 (Reuters) - Elon Musk has asked a federal judge to dismiss a U.S. Securities and Exchange Commission lawsuit claiming he waited too long to disclose his purchases of Twitter shares in 2022, accusing the regulator of overreaching in order to punish him for criticizing it.
The SEC sued the billionaire in January, saying his 11-day delay in revealing his initial 5% Twitter stake let him buy more than $500 million worth of shares at low prices, saving himself $150 million at unsuspecting investors' expense.
It wants Musk, the world's richest person, to repay those savings and pay a civil fine.
In a filing late on Thursday night in the Washington, D.C. federal court, Musk maintained that the delay was inadvertent.
He also said he promptly disclosed what had become a 9.2% Twitter stake on April 4, 2022, one business day after his wealth manager checked with lawyers about filing requirements.
Musk bought all of Twitter for $44 billion in October 2022 and renamed it X. His businesses also include electric vehicle maker Tesla (TSLA.O) and rocket company SpaceX.
The SEC's "selective enforcement" of its securities laws "reveals an agency targeting an individual for his protected criticism of government overreach," Musk said.
"There is no ongoing violation. There is no intent. There is no harm," he added. "Simply put, this action is a waste of this court's time and taxpayer resources."
Musk also called a $150 million payout an excessive fine that violates the U.S. Constitution's 8th Amendment and dwarfs the $100,000 penalty the SEC has sought in similar cases.
An SEC spokesperson declined to comment on...
(Excerpt) Read more at reuters.com ...
Whew! I thought he was as going after the much respected South Eastern Conference!
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