U.S. judge rejects SEC's sanctions request against Musk

2024-11-25 12:54:56

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ChainCatcher News: A U.S. federal judge has dismissed the SEC's request for sanctions against Elon Musk, citing his absence from a court order related to his $44 billion acquisition of Twitter.

Judge Jacqueline Scott Corley ruled that Musk should not be sanctioned for his testimony on October 3 and ordered the SEC to reimburse him $2,923 for travel expenses. The SEC argued that Musk violated an order from May 31 and sought stronger deterrents, but Corley found the issue to be without merit.

Musk attributed his absence on September 10 to overseeing SpaceX's Polaris Dawn mission.

The SEC's investigation aims to determine whether Musk delayed disclosing his purchase of Twitter stock in 2022, which could violate securities laws. Critics argue that this delay allowed Musk to acquire shares of the company at a lower price before disclosing his 9.2% stake.

Musk previously acknowledged a misunderstanding of SEC rules. He had settled with the SEC in 2018 over tweets related to Tesla. The case is still pending in the Northern District of California. (Bitcoin.com)

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