00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Elon Musk filed a motion Thursday to dismiss the Securities and Exchange Commission's civil
00:07lawsuit, alleging he failed to disclose his Twitter, now X, stake on time, in 2022.
00:14The SEC claims Musk violated securities law by waiting 11 days past the deadline to report
00:19crossing the 5% ownership threshold, during which he purchased more than $500 million
00:24in additional shares before disclosing his 9.2% stake.
00:28Musk's attorneys argued he stopped buying shares after consulting counsel, filed disclosure
00:34one business day later, and fully corrected the issue with no ongoing violation.
00:39They characterized the case as targeting Musk for his criticism of government overreach.
00:43The SEC is seeking civil fines and disgorgement of profits.
00:47This case follows the agency's 2018 lawsuit over Musk's funding-secured tweets about taking
00:52Tesla private.
00:53For all things money, visit Benzinga.com.
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