Musk files to dismiss lawsuit over his purchase of Twitter shares
Musk's lawyers, filing shortly before the court's deadline for his response, called the lawsuit "a waste of this Court's time and taxpayer resources".
It said this had allowed him to save about $150m (£123m) by purchasing shares in Twitter - which he bought outright months later and renamed X - at "artificially low prices".
The US Securities and Exchange Commission (SEC) said in a January complaint that Musk failed to disclose that he had built up his stake in the company within the regulator's timeframe.
Elon Musk is seeking to dismiss a lawsuit by US regulators alleging he wrongly saved money by revealing he increased his initial investment in Twitter too late.
"The SEC does not allege that Mr. Musk caused any investor harm. Rather, the SEC alleges that Mr. Musk late-filed a single beneficial ownership form three years ago, and fully corrected any alleged error immediately upon its discovery," they said in their Thursday filing.
"There is no ongoing violation. There is no intent. There is no harm."
In its January complaint, the SEC alleged that Musk violated US securities rules requiring investors to disclose within 10 days if their holdings in a company surpass 5%.
It said Musk should have revealed he had crossed the threshold for disclosure of shares by 14 March 2022, but he did not disclose it until 21 days after his purchase - on 4 April.
"Musk's violation resulted in substantial economic harm to investors," it claimed.
... continue reading