Overview
- The SEC and Elon Musk told a federal court they are in discussions that could make further proceedings unnecessary in the lawsuit over his 2022 Twitter stake disclosure.
- Both sides jointly asked to extend the deadline to propose a case schedule from March 18 to April 1 in the Washington, D.C., case.
- The SEC’s January 2025 suit alleges Musk delayed disclosure by 11 days after crossing 5% ownership, enabling more than $500 million in additional purchases at lower prices.
- The regulator seeks a civil penalty and roughly $150 million it says Musk saved due to the delayed filing, while Musk has said the lapse was inadvertent.
- A separate class action by former Twitter investors in San Francisco is advancing toward jury deliberations.