According to ChainCatcher, a U.S. federal judge dismissed the SEC's request for sanctions against Elon Musk due to his absence from testifying in a court order related to his $44 billion acquisition of Twitter.
Judge Jacqueline Scott Corley ruled that Musk should not face sanctions for his testimony on October 3, and reimbursed the SEC $2,923 for travel expenses. The SEC argued that Musk violated an order from May 31 and sought stronger deterrence, but Corley found the issue to be without merit.
Musk attributed his absence on September 10 to overseeing SpaceX's Polaris Dawn mission.
The SEC's investigation aims to determine whether Musk delayed disclosing his purchase of Twitter stock in 2022, which may have violated securities laws. Critics argue that this delay allowed Musk to acquire the company's stock at a lower price before disclosing his 9.2% stake.
Musk had previously acknowledged a misunderstanding of the SEC's rules. He had reached a settlement with the SEC in 2018 regarding Tesla-related tweets. The case is still being heard in the Northern District of California. (Bitcoin.com)