Elon Musk is seeking to dismiss a lawsuit from the US Securities and Exchange Commission (SEC), which oversees financial markets and investor protections, accusing him of delaying disclosure of his Twitter investment to save about $150m, according to BBC.
The SEC says Musk should have revealed crossing the 5 percent ownership threshold by March 14, 2022, but waited until April 4. His lawyers argue the case is baseless, insisting the late filing caused “no intent, no harm” and was corrected immediately.
They also accuse the SEC of targeting Musk with unusually harsh penalties. The regulator declined to comment, BBC reported.
