Elon Musk Served with Summons in SEC Lawsuit

Elon Musk is facing a lawsuit from the SEC for not disclosing his large stake in Twitter in a timely manner. A summons has been issued and served to a SpaceX security guard. The SEC claims Musk waited too long before revealing his substantial Twitter shares.

Elon Musk, the billionaire CEO of SpaceX and one of the top advisors to former U.S. President Donald Trump, has been served with a summons in connection to a lawsuit filed by the Securities and Exchange Commission (SEC). The lawsuit, revealed in a Thursday court filing, was delivered on March 14 to a security personnel member at SpaceX's Brownsville, Texas headquarters.

The SEC's case against Musk centers on his failure to promptly disclose his 2022 acquisition of a significant stake in Twitter, which he later renamed X. The federal securities law was reportedly breached when Musk delayed notifying the public by 11 days beyond the required 10-day disclosure period after buying in excess of 5% of Twitter's common shares.

According to the court docket, Musk's formal response to the SEC's allegations must be made by April 4. As of now, both Musk and his legal team have remained silent on the issue, and the SEC has also chosen not to comment further.

(With inputs from agencies.)