Judge gives Musk bad news, says Trump hasn't intervened to block SEC lawsuit
In a setback for Elon Musk, a federal judge has ruled that former President Trump has not intervened to block a Securities and Exchange Commission (SEC) lawsuit against Musk. The SEC is seeking $150 million in disgorgements from Musk's Twitter takeover, alleging that he made false and misleading statements about the deal. The judge's decision means that Musk must continue to fight the SEC's lawsuit, which was filed in 2022. The lawsuit alleges that Musk made false claims about the number of bots on Twitter's platform, which led to him attempting to back out of the $44 billion deal. Musk had previously claimed that the former president had intervened to help him in the case, but the judge's ruling has dispelled that notion. The case is ongoing, and Musk will have to mount a robust defense against the SEC's allegations in order to avoid the significant financial penalties being sought.
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