CandleFocus SEC Push Against Elon Musk Stalls as Judge Denies Sanctions
2024-11-25
Author: Content Editor
A U.S. federal judge has rejected the Securities and Exchange Commission's (SEC) request to punish Elon Musk for his failure to attend a court-ordered testimony regarding his acquisition of Twitter. Judge Jacqueline Scott Corley deemed the issue moot as Musk had already testified on October 3rd and reimbursed the SEC for travel expenses. The SEC's investigation is focused on whether Musk violated securities laws by delaying the disclosure of his Twitter stock purchases in 2022, allowing him to acquire shares at a lower price before announcing a 9.2% stake. Musk had previously admitted to misunderstanding SEC rules and settled with them in 2018 over Tesla-related tweets. The case is ongoing in the Northern District of California court.
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