Elon Musk vs. SEC: Looming Legal Showdown

The SEC and Elon Musk have agreed on a timeline for Musk to respond to a lawsuit over delayed disclosure of his Twitter stake. The case, linked to Trump’s presidency, may escalate, as Musk contests the service validity but agrees to reply by June 6.

Elon Musk is gearing up for a legal confrontation with the U.S. Securities and Exchange Commission (SEC). According to a joint motion filed on Monday, the billionaire has agreed to respond to a lawsuit by June 6. The lawsuit, initially filed in January, accuses Musk of delaying the disclosure of his significant Twitter stake.

The legal battle stems from events in 2022 when Musk was accused of being tardy in revealing his accumulation of Twitter holdings. This case is intricately tied to the tenure of Donald Trump, as it was filed just six days before Trump took office as the U.S. president.

Musk, known for his contentious relations with regulators, has agreed to waive service to expedite proceedings, sidelining further disputes regarding the validity of the service. Official comments from Musk, his lawyer, and the SEC remain unprovided as the June deadline approaches.

(With inputs from agencies.)