Elon Musk is seeking to dismiss a lawsuit from U.S. regulators alleging that he saved money by revealing that he raised his initial investment on Twitter, it was too late.
The Securities and Exchange Commission (SEC) says In January’s complaint Musk did not disclose that he established his stake in the company within the time frame of the regulator.
It said that allowed him to save about $150 million (£123 million) by buying stocks on Twitter – he bought the stock directly after a few months and changed its name to X at a “artificial low price”.
Musk’s lawyers filed the lawsuit shortly before the court’s response deadline, saying the lawsuit “wasted the court’s time and taxpayer resources.”
“The SEC did not claim that Mr. Musk had caused any investors’ harm.
“No persistent violations. No intention. No harm.”
In a complaint in January, the SEC accused Musk of violating U.S. securities rules, requiring investors to hold more than 5% of the company and disclose it within 10 days.
It said Musk should have revealed that he had crossed the threshold for the shares by March 14, 2022, but he didn’t disclose it until 21 days after the purchase on April 4.
It claimed: “Musk’s violations have caused huge economic harm to investors.”
In the SEC’s prior investigation into Musk’s purchase of Twitter, he conducted two testimony – The mystery surrounding whether he appears in further interviews.
When the SEC filed a lawsuit in January, Musk blew up the regulator on social media with a “completely broken organization” and accused it of wasting time.
His lawyer’s Official responsesubmitted on Thursday, also accused the SEC of targeting “ruthless pursuit.”
“The committee’s selective implementation of Mr. Musk – in similar cases seeking more than 1,500 times of monetary relief – reveals an institution targeting individuals to protect its protection criticism of the government,” it said.
It says the Watchdog has conducted other investigations over the past seven years – including the final ones of his Cleaned up by a jury of jury about future tweets on Tesla ownership – Reflects “ruthless censorship”.
The BBC is approaching the SEC to respond.
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