In a complaint filed in Washington, D.C. federal court in January, the SEC said Musk violated federal securities law by waiting 11 days too long to disclose his initial purchase of 5% of Twitter's common shares. It sought to force Musk to pay a civil fine and give up profits that the SEC said were a result of the violations.
An SEC rule requires investors to disclose within 10 calendar days when they cross a 5% ownership threshold, which would have been by March 24, 2022 in Musk's case.
The SEC sued Musk on January 14, six days before Republican President Donald Trump took office and made Musk a special adviser to slash the federal workforce and spending.
Musk’s lawyers said the case should have not been brought and the billionaire did not mean any harm. They said the SEC’s action against Musk “reveals an agency targeting an individual for his protected criticism of government overreach.”
The SEC did not respond to a request for comment outside regular business hours.
Musk has long feuded with the SEC, including after it sued him in 2018 over his Twitter posts about possibly taking Tesla private and having secured funding to do so - REUTERS
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