Musk files to dismiss lawsuit over his purchase of Twitter shares

Elon Musk, the CEO of Tesla, has filed a motion to dismiss a lawsuit filed by the US Securities and Exchange Commission (SEC) over his late disclosure of his Twitter share purchases. The SEC alleges that Musk's delay in reporting his acquisition of a significant stake in Twitter allowed him to buy the shares at "artificially low prices." According to the SEC, Musk was required to disclose his ownership stake in Twitter within 10 days of reaching the 5% ownership threshold, but he failed to do so for 11 additional days. This delay, the SEC claims, gave Musk an unfair advantage in the market. Musk has argued that the SEC's lawsuit is "unjustified" and that he complied with the relevant regulations. He has also accused the agency of overreach and of attempting to censor his speech. The outcome of this legal battle could have significant implications for the regulation of social media and the acquisition of publicly traded companies.