US judge rejects SEC sanction request against Elon Musk, accused of missing court-ordered testimony

From Investing.com: 2024-11-22 19:56:07

A federal judge rejected the SEC’s request to sanction Elon Musk for missing court-ordered testimony on his Twitter takeover. Musk testified on Oct. 3 and agreed to pay $2,923 in travel costs. The SEC sought a declaration that Musk violated a court order, saying only repaying travel costs wouldn’t deter others. Musk is worth $321.7 billion.

Musk, CEO of Tesla and SpaceX, went to Florida during the court-ordered testimony to oversee a SpaceX launch. The SEC is investigating whether Musk violated securities laws by delaying disclosure of his Twitter stock accumulation. Critics say this allowed him to buy shares cheaply before offering to buy the whole company.

In 2018, Musk settled a lawsuit with the SEC over his tweets about taking Tesla private by paying a $20 million fine and stepping down as Tesla’s chairman. The case is SEC v Musk in the U.S. District Court, Northern District of California.



Read more at Investing.com: US judge rejects SEC bid to sanction Elon Musk By Reuters