"Musk, considered the world's richest man, had argued his incredibly busy' schedule made attending the Washington, DC, case a burden. Billionaire Elon Musk has failed to persuade a federal judge in Washington, DC, to move a Securities and Exchange Commission (SEC) lawsuit over the late disclosure of his growing Twitter stake to Texas after saying he was too busy to defend himself in the nation's capital."
"In seeking to move the case, Musk said he was an incredibly busy individual who works 80-plus-hour weeks and often sleeps in his office or factory. He argued that litigating in Washington, DC, would impose substantial burdens. Lawyers for Musk did not immediately respond to requests for comment from the Reuters news agency. A spokesperson for the SEC had no comment, citing the government shutdown that began on Wednesday."
"The SEC sued Musk in January, saying his 11-day delay in revealing his initial 5-percent Twitter stake in early 2022 let him buy more than $500m of shares at artificially low prices. It wants Musk to pay a civil fine and give up $150m he allegedly saved at the expense of unsuspecting investors. Musk is seeking to dismiss the case. He bought all of Twitter for $44bn in October 2022 and renamed it X."
Elon Musk sought to move an SEC lawsuit over a delayed disclosure of a growing Twitter stake from Washington, DC, to Texas but the request was denied. US District Judge Sparkle Sooknanan noted Musk's considerable resources and that he spends at least 40 percent of his time outside Texas. The judge observed Musk's filings showing substantial time in Washington this year and said her court could proceed promptly despite heavier Texas caseloads. The SEC alleges an eleven-day delay allowed Musk to buy over $500 million of shares at artificially low prices and seeks fines and disgorgement.
Read at www.aljazeera.com
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