“Musk avoids penalty for missing SEC meeting over rocket launch A judge refused to sanction Elon Musk for missing an SEC meeting to review a SpaceX rocket launch. Musk agreed to reimburse the regulator $2,923 for the costs of lawyers’ flights.”, — write on: unn.ua
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U.S. District Judge Jacqueline Scott Corley said Friday that there was no need to sanction Musk because he had already agreed to reimburse the SEC $2,923 to cover airfare for three of the agency’s lawyers in September. Corley noted that Musk finally met with SEC lawyers to testify on Oct. 3.
The regulator is investigating Musk’s purchase of shares in Twitter Inc. and statements about his investments before he spent $44 billion in 2022 to buy the social media platform, which he later renamed X.
Musk has had a tense relationship with the SEC over the years, starting when the Securities and Exchange Commission sued him for securities fraud in 2018 after he tweeted that Tesla Inc . becomes private. During the Twitter investigation, Corley repeatedly ordered Musk to cooperate with the agency after he initially gave two interviews but refused to participate in a third round of questioning.
Musk’s lawyer, Alex Spiro, argued that the billionaire’s absence from the September testimony was justified because, as the head of SpaceX, he had urgent commitments to travel to Florida to launch a rocket from Cape Canaveral as part of a commercial space mission.
The SEC urged Corley to impose sanctions against Musk to remind him that the failure to comply with its order was not a “trivial matter,” but Spiro argued that his client’s voluntary offer to reimburse the agency $2,923 was sufficient.
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