Legal
Musk Facing SEC Claims in Trump Era Means ‘All Bets Are Off’
- SEC claims Musk cheated Twitter shareholders out of millions
- Agency’s lawsuit came days before Trump is sworn into office
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He’s the world’s richest person, buddies with President-elect Donald Trump and now faces a fresh US regulatory lawsuit that raises questions about how the incoming administration will handle the case.
Elon Musk’s latest fight with the US Securities and Exchange Commission hinges on a relatively straightforward accusation that the billionaire missed a deadline for disclosing his growing stake in Twitter before he tried to take over the social media platform in 2022. By the agency’s estimate, that cost Twitter shareholders who unwittingly sold too soon more than $150 million.