NEW YORK (Reuters) – The U.S. Securities and Exchange Commission and Elon Musk have proposed a date for which the billionaire will respond to the lawsuit the regulator filed against him in January, according to a joint motion filed on Monday. The SEC sued Musk six days before Republican Donald Trump became U.S. president and […]
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US SEC, Musk agree to timeline for billionaire to respond to lawsuit, filing says
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NEW YORK (Reuters) – The U.S. Securities and Exchange Commission and Elon Musk have proposed a date for which the billionaire will respond to the lawsuit the regulator filed against him in January, according to a joint motion filed on Monday.
The SEC sued Musk six days before Republican Donald Trump became U.S. president and put the billionaire in charge of the administration’s overhaul of the federal workforce.
The regulator accused Musk of waiting too long to disclose in 2022 he had amassed a large stake in Twitter, the social media company he later bought. The SEC filed a return of service and Musk has contested the validity of it, the filing said.
Musk has agreed to waive service and answer the SEC’s complaint by June 6 “in lieu of further dispute on this issue,” Monday’s filing said.
The SEC, Musk and his lawyer did not respond immediately to request for comment.
(Reporting by Chris Prentice and Jonathan Stempel; Editing by Mark Porter)