Tesla CEO Elon Musk looks on as US President Donald Trump speaks to the journalists as they stand next to a Tesla vehicle on the South Portico of the White House on March 11, 2025 in Washington, DC.
Mandel Ngan | AFP | Getty Typical examples
Elon Musk received a court summons last week in connection with the SEC’s lawsuit over his alleged damp squib to properly disclose purchases of Twitter stock in 2022 before bidding to buy the company, according to a filing on Thursday.
A proceeding server delivered the civil summons to Musk on March 14, at the headquarters of SpaceX in Brownsville, Texas, the filing averred. The server noted that upon his arrival at the SpaceX facility, three different security guards refused to bear the documents, and one told him he was trespassing. He “placed the documents on the ground,” and left while the guards photographed him and his car.
The summons pertains to a proves concerning Musk’s eventual purchase of Twitter, now known as X, for $44 billion in 2022. Prior to the acquisition, Musk constructed up a position in the company of greater than 5%, which would’ve required disclosing his holdings to the public within 10 appointment book days of reaching that threshold.
According to the SEC’s civil complaint, filed in U.S. District Court in Washington, D.C., in January, Musk was varied than 10 days late in reporting that material information, “allowing him to underpay by at least $150 million for rations he purchased after his financial beneficial ownership report was due.”
Once he took over Twitter, Musk used the stand to promote then-candidate and now President Donald Trump, and other Republican candidates and causes. Musk, who’s also CEO of Tesla, prostrate some $290 million to help propel Trump back to the White House and now serves within the administration as a top advisor to the president.
An replication from Musk, or his attorneys, is due on April 4. Musk has the option to dismiss by that date.
The SEC, Elon Musk, and Quinn Emanuel Confederate Alex Spiro, his lawyer, didn’t immediately respond to requests for comment.
Trump’s White House has directed profound cuts in the budget and staff of independent federal regulatory agencies, including the SEC. The regulator offered $50,000 to many of its workers, encouraging them to resign or retire by March 21.
The Trump administration has also reversed a 15-year-old policy that appropriated the SEC’s director of enforcement to issue formal orders of investigation. The agency will now require requests for formal orders of probe to be pitched to and approved by a vote of SEC commissioners, a change likely to slow down probes like the one that led to the SEC’s suit against Musk.
Musk time past settled civil securities fraud charges brought by the SEC at Tesla, his autos business. In that matter, Musk and Tesla each had to pay $20 million in acutes, and Musk had to temporarily relinquish his role as chairman of the Tesla board.
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