SEC continuing $150 million lawsuit against Elon Musk
Source: msn/ABC News
12h
The Securities and Exchange Commission is continuing its $150 million lawsuit against Elon Musk that was brought during the Biden administration.
According to a court filing Monday, the tech billionaire and head of the Department of Government Efficiency has agreed to respond to the suit, which accuses him of misleading investors when he bought millions of dollars in Twitter stock in 2022, prior to his acquisition of the company.
The SEC brought the case against Musk on Jan. 14 in the waning days of the Biden administration, and a representative of the SEC served Musk with the complaint and a summons earlier this month -- though Musk contests the validity of the service.
Under the terms of the agreement, Musk's lawyers will file a response to the complaint by June 6, pending approval from the court. "The parties respectfully submit that this compromise is reasonable and will conserve judicial resources," the filing said.
Read more: https://www.msn.com/en-us/money/companies/sec-continuing-150-million-lawsuit-against-elon-musk/ar-AA1C1qd7
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