financetom
Business
financetom
/
Business
/
Elon Musk issued summons in SEC case over Twitter stake disclosure
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Elon Musk issued summons in SEC case over Twitter stake disclosure
Mar 20, 2025 4:44 PM

(Reuters) - Elon Musk, the world's richest man and a top adviser to U.S. President Donald Trump, was issued a summons in connection with the Securities and Exchange Commission's lawsuit against him, a court filing on Thursday showed.

A process server gave the civil summons and other documents on March 14 to a security guard at the Brownsville, Texas, headquarters of SpaceX, the space technology company of which Musk is CEO, the filing said. An answer is due on April 4, according to the docket.

The SEC in January accused Musk of waiting too long to disclose in 2022 that he had amassed a large stake in Twitter, the social media company he later bought and renamed X.

The regulator said Musk violated federal securities law by waiting 11 days too long to disclose his initial purchase of 5% of Twitter's common shares.

An SEC rule requires investors to disclose within 10 calendar days -- or by March 24, 2022, in Musk's case -- when they cross a 5% ownership threshold.

Musk and his lawyer didn't immediately respond to requests for comment. A spokesperson for the SEC declined to comment.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Top exec Sforza to be appointed Benetton CEO - sources
Top exec Sforza to be appointed Benetton CEO - sources
May 28, 2024
MILAN (Reuters) - Italian executive Claudio Sforza has been chosen as chief executive of loss-making clothing group Benetton, replacing outgoing Massimo Renon, two sources close to the matter said on Tuesday. Italy's Benetton family is readying plans to address mounting losses at the fashion retailer, as the group known for its colourful jumpers and provocative advertising has struggled in recent...
--Street Color: Shell Planning to Cut Jobs in Offshore Wind Business: Bloomberg
--Street Color: Shell Planning to Cut Jobs in Offshore Wind Business: Bloomberg
May 28, 2024
12:31 PM EDT, 05/28/2024 (MT Newswires) -- (Street Color news is derived from real time discussions with market professionals globally subscribed to the Street Color Premium Chat service on Bloomberg IB Chat and the ICE IM. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.) Price: 71.58, Change: +0.76, Percent...
Volkswagen to develop entry-level electric vehicles for 20,000 euros
Volkswagen to develop entry-level electric vehicles for 20,000 euros
May 28, 2024
FRANKFURT (Reuters) -Volkswagen will develop low-cost electric vehicles in a bid to better compete with fierce Chinese rivals, Europe's largest carmaker said on Tuesday, after talks with Renault to team up on the project collapsed earlier this month. The target is to produce electric vehicles for the European market priced at around 20,000 euros ($21,746), the company said, adding a...
Belden Insider Sold Shares Worth $651,173, According to a Recent SEC Filing
Belden Insider Sold Shares Worth $651,173, According to a Recent SEC Filing
May 28, 2024
12:31 PM EDT, 05/28/2024 (MT Newswires) -- David J Aldrich, Director, on May 23, 2024, sold 6,700 shares in Belden (BDC) for $651,173. Following the Form 4 filing with the SEC, Aldrich has control over a total of 53,396 shares of the company, with 53,396 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/913142/000120919124005737/xslF345X03/doc4.xml Price: 98.36, Change: +0.77, Percent Change: +0.78 ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved