SEC continuing $150 million lawsuit against Elon Musk over Twitter purchase
The Securities and Exchange Commission is continuing its $150 million lawsuit against Elon Musk that was brought during the Biden administration.
According to a court filing Monday, the tech billionaire and head of the Department of Government Efficiency has agreed to respond to the suit, which accuses him of misleading investors when he bought millions of dollars in Twitter stock in 2022, prior to his acquisition of the company.
The SEC brought the case against Musk on Jan. 14 in the waning days of the Biden administration, and a representative of the SEC served Musk with the complaint and a summons earlier this month -- though Musk contests the validity of the service.
Under the terms of the agreement, Musk's lawyers will file a response to the complaint by June 6, pending approval from the court.
"The parties respectfully submit that this compromise is reasonable and will conserve judicial resources," the filing said.
Monday's filing marks the first time a deadline for Musk to respond to the complaint has been raised by either party.
Musk's lawyers could not immediately be reached for comment by ABC News.
"They spend their time on s--- like this when there are so many actual crimes that go unpunished," Musk said on X in January in response to the SEC's suit.
