SEC ISSUES SUMMONS TO ELON MUSK OVER TWITTER STAKE DISCLOSURE

An Emirati Magazine publication – Released on March 21, 2025 | www.emiratimagazine.com

Elon Musk, the world's richest man and CEO of SpaceX, has been issued a summons in connection with a Securities and Exchange Commission (SEC) lawsuit, as revealed in a court filing on Thursday. A process server delivered the summons and legal documents on March 14 to a security guard at SpaceX's Brownsville, Texas, headquarters. Musk must respond by April 4.

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The SEC alleges that Musk violated federal securities laws by delaying the disclosure of his 2022 Twitter stock acquisition. Regulations require investors to disclose when their stake exceeds 5% within 10 days, but Musk reportedly waited 11 days too long beyond the March 24, 2022, deadline.

Musk and his legal team have not responded to requests for comment, while the SEC declined to comment on the case. The lawsuit adds to Musk’s ongoing legal battles surrounding his high-profile acquisition of Twitter, now rebranded as X.