Musk Seeks to Dismiss SEC Suit Over Twitter Stake Disclosure

Elon Musk, the CEO of Tesla, has requested a federal judge to dismiss a lawsuit filed by the US Securities and Exchange Commission (SEC) over his growing stake in Twitter Inc. in 2022. The SEC alleges that Musk failed to disclose his stake in Twitter in a timely manner, which it claims cheated investors. Musk, however, argues that the SEC's allegations are an overreach of government power. The lawsuit stems from Musk's acquisition of a more than 9% stake in Twitter, which he did not disclose within the required 10-day period. Musk contends that his delay in reporting the stake was due to a misunderstanding of the rules and that he did not intend to deceive investors. The SEC, on the other hand, maintains that Musk's actions deprived investors of timely information about his growing influence over the social media platform. The outcome of this case could have significant implications for Musk's future dealings with the SEC and the disclosure requirements for large investors in public companies.