Musk’s lawyer said in a statement that his client “has done nothing wrong” and that the lawsuit was “an admission by the SEC that they cannot bring an actual case.”
The US Securities and Exchange Commission (SEC) has filed a suit against X owner Elon Musk over stock purchases of the company, formerly known as Twitter, that he made in 2022. According to the complaint, Musk did not disclose in a timely way that he had purchased more than 5 percent of Twitter’s common stock in March of 2022.
The SEC claimed that Musk had continued buying shares at an artificially lowered price, and therefore underpaid by $150 million. Musk paid $44 billion for the social media giant. He began to buy Twitter in April 2022 and finalized the sale that October.
Musk’s lawyer Alex Spiro said in a statement to CNN that “Musk has done nothing wrong” and that the lawsuit was “an admission by the SEC that they (sic) cannot bring an actual case.” He continued, “The SEC’s multi-year campaign of harassment against Mr. Musk culminated in the filing of a single-count ticky tak complaint against Mr. Musk under Section 13(d) for an alleged administrative failure to file a single form — an offense that, even if proven, carries a nominal penalty.”
According to the outlet, the complaint is one of the last moves under SEC Chair Gary Gensler, who is stepping down this month after President-elect Donald Trump said he would fire him and is unclear if the incoming SEC head will pursue the case. Musk, who has clashed with Gensler for years, is a major supporter of Trump and will be the co-head of the newly created Department of Government Efficiency in the administration.
Libby’s Desk
Commentary and must-reads from Libby’s desk, straight to your inbox.
TPM Newsletter
The Post Millennial’s top stories, delivered to your inbox.
