A U.S. federal judge rejected the SEC's request for sanctions against Elon Musk for his absence from testifying in court orders related to his $44 billion acquisition of Twitter.
Judge Jacqueline Scott Corley ruled that Musk did not need sanctions when he testified on October 3 and reimbursed the SEC $2,923 in travel expenses. The SEC argued that Musk violated the May 31 order and sought a stronger deterrent, but Corley argued that the issue was moot.
Musk blamed his September 10 absence on overseeing SpaceX's Polaris Dawn mission.
The SEC investigation is seeking to determine whether Mr. Musk delayed disclosing his purchase of Twitter shares in 2022, potentially violating securities laws. Critics say the delay allowed Mr. Musk to buy shares at a bargain price before disclosing his 9.2 per cent stake.
Musk previously admitted to a misunderstanding of SEC rules. Previously, it reached a settlement with the SEC in 2018 over Tesla-related tweets. The case is still pending in the Northern District of California. (Bitcoin.com)
The judge rejected the SEC's request for sanctions against Musk
2024-11-25 05:25:25
United states federal law official refutation sec elon musk sanctions requestdesk3cryptocurrencydesktopCrypto News
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