Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Judge denies SEC request to penalise Musk over deposition

Judge denies SEC request to penalise Musk over deposition

GrafaGrafa2024/11/25 13:20
By:Isaac Francis

A federal judge has denied the U.S. Securities and Exchange Commission’s (SEC) request to impose penalties on Elon Musk for missing a deposition related to its investigation into his $44 billion acquisition of Twitter, now renamed X.  

Judge Jacqueline Scott Corley ruled that sanctions were unnecessary, noting Musk’s compliance by testifying on October 3 and reimbursing the SEC’s travel costs of $2,923.  

The SEC argued that Musk’s failure to attend the September 10 deposition warranted penalties beyond travel reimbursement to deter similar conduct, especially given Musk’s financial capacity.  

According to Forbes, Musk’s net worth is approximately $321.7 billion.  

"The present circumstances forestall any occasion for meaningful relief that the court could grant," Corley stated.

Musk attributed his absence to overseeing SpaceX's Polaris Dawn mission at Cape Canaveral, Florida, on the date of the missed deposition.  

"SEC. The middle word is definitely 'Elon’s,' but I can never remember what the other two words stand for," Musk jokingly remarked on X, expressing satisfaction following the ruling.

The SEC is investigating whether Musk violated securities laws by delaying the disclosure of his Twitter stock purchases in early 2022.  

The agency alleges the delay allowed Musk to acquire shares at lower prices before publicly announcing his 9.2% stake and his subsequent plan to buy the platform.  

This case is part of Musk’s ongoing disputes with the SEC.  

In 2018, Musk settled with the agency over tweets about taking Tesla private, paying a $20 million fine and resigning as Tesla’s chairman.  

The current case, SEC v. Musk, continues in the U.S. District Court for the Northern District of California.  

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Subscribe to TANSSI Savings and enjoy up to 15% APR

Bitget Announcement2025/07/15 11:00

TACUSDT now launched for futures trading and trading bots

Bitget Announcement2025/07/15 10:40

Bitget Spot Bot adds PUMP/USDT

Bitget Announcement2025/07/15 08:00