Elon Musk Battles SEC over Twitter Stake Allegations

Elon Musk seeks dismissal of an SEC lawsuit accusing him of failing to promptly disclose his significant 2022 Twitter stake. Musk's lawyers argue the action is unwarranted and driven by criticism of government overreach. The case highlights ongoing tensions between Musk and the SEC.

Elon Musk has filed a motion to dismiss a Securities and Exchange Commission (SEC) lawsuit accusing him of delaying the disclosure of a large Twitter stake in 2022. The billionaire's lawyers claim the suit was unwarranted and a response to Musk's criticism of government overreach.

The SEC argues Musk violated federal securities law by delaying the disclosure past the required 10-day period, buying more Twitter shares at lower prices before making his 9.2% stake public on April 4, 2022. Musk maintains that there was no malicious intent, and he corrected the oversight promptly.

This legal battle is the latest in a series of confrontations between Musk and the SEC, with previous conflicts arising from his social media activities and transactions. The SEC has not commented on the case, while Musk's filing responds to a deadline set by the court.

(With inputs from agencies.)