Key Takeaways:
- The US District Court rejected the SEC’s request to sanction Elon Musk for missing a meeting regarding the X acquisition.
- As Musk already agreed to reimburse almost $3000 to the lawyers he stood up, the judge saw no need to sanction him.
- As Musk gains voctory on one end, so does Trump on othe other side with the judge delayin sentence indefinitely on his hush case.
Elon Musk, the richest man in the world, has been tangled in a legal battle with the US Securities and Exchange Commission (SEC) recently. It ended today, 23rd October with Musk emerging victorious in the decisive battle. The battle was regarding a meeting about the matter of the $44 billion X acquisition. In this article, we will delve deeper into this matter and the subsequent dismissal of the case by the US District Judge.
SEC Meeting & Musk’s Absence
We all know that the famous billionaire has recently acquired Twitter, which he later named X. The SEC had suspicions about the legal issues associated with this acquisition and was investigating whether or not he violated any laws.
Musk initially didn’t disclose exactly how many shares he owned in the company. This allowed him to buy out the platform at a comparatively lower rate. So, they set up a meeting with him. However, at that time he couldn’t attend the meeting due to other commitments, and this in turn led to the legal battle between the SEC and the world’s richest man.
Court Rule & Musk’s Victory
US District Judge Jacqueline Scott Corley was in charge of Musk’s case. The SEC-registered case against Musk was for his absence from a meeting they scheduled. At that time, Musk opted to watch his rocket launch instead of attending the meeting.
The judge told the SEC that there was no need to sanction Musk. This was mainly due to the fact that he had already reimbursed the SEC nearly $ 3,000 to compensate for the travel expenses of the lawyers that he stood up. The judge also stated that Musk had already stated his reasons for his absence to those SEC lawyers.
This is the second time in the last week that Musk has won a legal battle. The first time one was associated with the Dogecoin manipulation lawsuit that ended with the investors pulling their appeal.
Aftermaths & Implications
After the ruling ended with the SEC’s defeat, Musk made a tweet on social media. It states that “SEC. The middle word is definitely “Elon’s “, but I can never remember what the other two words stand for.” The Dogecoin creator Billy Markus, also responded in kind by saying that SEC is an “annoying organization.”
Even though Musk has won this legal battle, this does not mean the SEC is off his tail. Musk will still be under investigation regarding the stock purchase associated with the Twitter acquisition. This legal battle only helped in depicting his ongoing cat-and-mouse game with the SEC.
Trump Secures Legal Victory Alongside Musk
Elon Musk is not the only one who has secured a win in a decisive legal battle. In a legal battle regarding the hush money case, the president-elect emerged victorious on the 22nd of November 2024. Juan Merchan, the judge in charge of Trump’s case, has delayed the Trump’s sentencing indefinitely.
This delay in sentence allows him to think of a path that favors him the most and come with a way to dismiss the case entirely. There are also other cases that are associated with him including election interference and misconduct of classified documents. As he takes charge in whitehoue, he most noatbly will have the power to alterate the cases, and even to get out of them entirely.