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The acting chair of the SEC, Mark Uyeda, voted against suing Elon Musk over alleged securities violations related to his Twitter stock disclosures, while four other commissioners supported the lawsuit. Musk is accused of delaying the disclosure of his Twitter share purchase, saving him approximately $150 million. Following the lawsuit, Musk criticized the SEC as a "totally broken organization" and has until April 4 to respond to the allegations.
The SEC voted 4-1 to sue Elon Musk over late disclosures related to his Twitter share purchases, with acting head Mark Uyeda dissenting. Investigators examined whether Musk's late filing was intentional, which could have led to more severe charges, but ultimately did not allege intent. The lawsuit was filed on January 14, 2025, after failed settlement talks, raising questions about the timing and potential political motivations behind the case.
[SEC]
Attorney Alex Spiro, known for representing high-profile clients like Elon Musk and New York Mayor Eric Adams, has set a billing rate of $3,000 per hour, making him one of the highest-paid lawyers in Manhattan. This increase reflects a broader trend of rising legal fees, with top rates at major firms surpassing $2,500. Spiro's firm, Quinn Emanuel, reported significant revenue growth, earning over $2 billion in 2023, as clients accept dramatic rate hikes.
The SEC has filed a lawsuit against Elon Musk, alleging he failed to disclose his Twitter share purchases prior to acquiring the platform, which allowed him to underpay by at least $150 million. Musk's lawyer, Alex Spiro, claims the lawsuit is baseless and an indication of the SEC's inability to present a legitimate case, asserting that Musk has committed no wrongdoing.
SEC Chair Gary Gensler has reopened an investigation into Elon Musk's Neuralink, demanding a monetary settlement or facing multiple charges. Musk's attorney, Alex Spiro, claims the SEC has harassed Musk for six years and questions the motivations behind the investigation, asserting they will not be intimidated. The SEC's scrutiny follows allegations of misleading investors regarding the safety of Neuralink's brain implant technology, amid claims of animal welfare violations during testing.
Elon Musk reportedly worked illegally in the U.S. during the 1990s while attempting to build his startup, Zip2. After arriving in Palo Alto in 1995 to attend Stanford University, he never enrolled and instead focused on developing his software company, which sold for approximately $300 million in 1999. Immigration law experts indicated that Musk would have needed to be enrolled in a full course of study to maintain valid work authorization as a student.
Alex Spiro
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sec acting chair votes against lawsuit against elon musk over twitter disclosure
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