(Bloomberg/Nicola M White) — Elon Musk asked a federal judge to dismiss a US Securities and Exchange Commission lawsuit over his growing stake in Twitter Inc. in 2022, calling allegations that he cheated investors government overreach.
The Wall Street regulator alleged Musk blew the deadline to file a special form saying he had accumulated at least a 5% ownership stake in Twitter before launching his $44 billion takeover bid for the social media platform. By waiting too long, Musk cost Twitter shareholders more than $150 million, the SEC said.
“The SEC does not allege that Mr. Musk acted intentionally, deliberately, willfully, or even recklessly. The SEC does not allege that Mr. Musk caused any investor harm,” Musk’s attorneys wrote in a court filing late Thursday. “There is no intent. T