Elon Musk loses bid to dismiss US SEC lawsuit over Twitter stake – CNA

Feb 3 : A federal judge on Tuesday rejected Elon Musk’s bid to dismiss a U.S. Securities and Exchange Commission lawsuit that claimed he waited too long to disclose his purchases of Twitter shares in 2022. U.S. District Judge Sparkle Sooknanan in Washington, D.C., said none of Musk’s arguments warranted a dismissal, including his claim that the SEC overreached in order to punish him for criticizing the agency. Lawyers for Musk did not immediately respond to requests for comment. An SEC spokesperson declined to comment. The SEC sued Musk in January 2025, saying his 11-day delay in revealing his initial 5 per cent Twitter stake in late March and early April 2022 let him buy more than $500 million of shares at artificially low prices. It wants Musk to repay the $150 million he allegedly saved at the expense of unsuspecting investors, plus a civil fine. Musk has called the delay inadvertent. He also said the SEC case amounted to “selective enforcement” of federal securities laws, designed to target him for criticism of “government overreach” that is protected speech under the U.S. Constitution’s First Amendment. Musk also called a $150 million payout an excessive fine that violates the Constitution’s Eighth
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