Musk files to dismiss lawsuit over his purchase of Twitter shares
Elon Musk seeks to reject legal action by American regulators alleging that he had wrongly saved money by revealing that he increased his initial investment in Twitter too late.
The American Securities and Exchange (SEC) commission said in a January complaint that Musk had not revealed that he had built his participation in the company in the regulator’s period.
He indicated that it had saved him about $ 150 million (123 million pounds sterling) by buying stocks on Twitter – which he bought months later and renamed X – at “artificially low prices”.
Musk’s lawyers, depositing shortly before the court deadline for his response, qualified the trial “to waste time and resources of taxpayers”.
“The SEC does not allege that Mr. Musk caused investors’ damage. On the contrary, the SEC is alleging that Mr. Musk has late a single beneficial property form three years ago and has fully corrected any presumed error immediately after his discovery,” they said in their file on Thursday.
“There is no violation in progress. There is no intention. There is no harm.”
In its complaint in January, the SEC alleged that Musk had violated the rules of American titles forcing investors to disclose within 10 days if their assets in a company exceed 5%.
He said Musk should have revealed that he had crossed the threshold for the disclosure of actions by March 14, 2022, but he only revealed it 21 days after his purchase – April 4.
“Musk’s violation has led to substantial economic damage to investors,” he said.
During a previous investigation of the dry on the purchase of Twitter Musk, he gave two depositions – with a mystery surrounding if he appeared during another interview.
When the SEC has filed its trial in January, Musk paraded the regulator as a “totally broken organization” on social networks and accused it of having lost its time.
The official response of his lawyers, submitted on Thursday, also accused the dry of having targeted the executive in an “incessant prosecution”.
“The selective application of the Commission against Mr. Musk – seeking monetary compensation more than 1,500 times greater than the relief imposed on people in a similar way in similar cases – reveals an agency targeting an individual for his protected criticism of government surpassing,” he said.
He said other surveys launched by the watchdog in the past seven years – one in which he has finally been eliminated by a jury of reprehensible acts on a tweet on the future of Tesla’s property – reflected “a tireless examination”.
SEC refused to comment.
