- Key Points
- Elon Musk received a court summons in connection with the SEC’s lawsuit over his alleged failure to properly disclose purchases of Twitter stock in 2022 before he bought the company.
- The summons was delivered on March 14, according to a filing on Thursday.
- Musk eventually led an acquisition of Twitter for around $44 billion.
According to a filing on Thursday, Elon Musk received a court summons last week in connection with the SEC case on his alleged failure to reveal the purchase of Twitter stock in 2022 before bidding to buy the company.
The filing stated that a process server gave civil summons to Kasturi at the headquarters of SpaceX in Brownsville, Texas, on 14 March. The server said that on his arrival at the SpaceX facility, three separate security guards refused to accept the documents, and one told him that he was committing trespass. He “placed the documents on the ground” and left, while the guard took a picture of him and his car.
The summons relates to a case related to the final purchase of Twitter, now known as X, for $44 billion in 2022. Prior to the acquisition, Musk created a position in a company of over 5%, which would require the public to disclose its holding within 10 calendar days of reaching the threshold.
According to the SEC civilian complaint, Washington, DC, was filed in the US District Court. In January, Musk reported information about that material for more than 10 days, “allowed him to reduce at least $150 million for the stocks purchased after his financial-profit-ownership report.”
Once he captured Twitter, Musk used the stage to promote the then-candidate and now-President Donald Trump and other Republican candidates and reasons. Musk, who is also the CEO of Tesla
Spend some $290 million to help Trump bring back to the White House and now serve within the administration as the President’s top advisor.
An answer to Musk, or their lawyers, is going to be held on 4 April. Musk has the option to dismiss to that date.
SEC, Elon Musk, and Quinn Emanuel Partner Alex Spiro, his lawyer, did not immediately respond to the need