Krutika Adani
The U.S. Securities and Exchange Commission (SEC) held a behind-closed-doors vote in January on whether to sue Elon Musk over Twitter stock disclosures. The vote? 4-1 in favor of legal action—but with one surprising dissent.
Mark Uyeda, now the interim SEC chief, was the only commissioner who voted against suing Musk. Meanwhile, even Republican Hester Peirce joined the three Democratic commissioners in supporting the case.
Uyeda challenged the SEC’s legal team to sign pledges affirming that the case wasn’t politically motivated—something they refused to do. The lawsuit alleges Musk delayed disclosing his stake in Twitter, saving $150M.
Musk claims he misunderstood the SEC’s disclosure rules. His legal fight drags on as Trump, now president, orders a review of regulatory investigations, including Musk’s.
Musk has until April 4 to respond to the SEC’s lawsuit. As political pressure mounts, will the SEC back down, or will Musk’s long-standing feud with the agency escalate further?