US judge rejects SEC's request to sanction Elon Musk

Odaily News A U.S. federal judge has rejected the SEC's request for sanctions against Elon Musk for his absence from a court-ordered testimony related to his $44 billion acquisition of Twitter. Judge Jacqueline Scott Corley ruled that Musk did not need sanctions for his Oct. 3 testimony and reimbursed the SEC for $2,923 in travel expenses. The SEC argued that Musk violated the May 31 order and sought stronger deterrence, but Corley dismissed the question as moot. Musk blamed his Sept. 10 absence on overseeing SpaceX's Polaris Dawn mission. The SEC's investigation seeks to determine whether Musk's delay in disclosing his purchase of Twitter shares in 2022 may have violated securities laws. Critics argue that the delay allowed Musk to buy the company's shares at a low price before disclosing his 9.2% stake. Musk has previously admitted to misunderstanding SEC rules. He previously settled with the SEC in 2018 over Tesla-related tweets. The case remains before the Northern District of California. (Bitcoin.com)