The U.S. Securities and Exchange Commission (SEC) sued Elon Musk on Tuesday (January 14), accusing him of waiting too long to disclose his 2022 purchase of a large stake in Twitter. Musk is accused of violating federal securities laws by waiting 11 days to reveal that he had acquired 5% of the company’s shares. The SEC’s complaint, filed in the U.S. District Court for the District of Columbia, accuses Musk of violating Section 13(d) of the Exchange Act and related rules.
The SEC claims Elon Musk 
Elon Musk
Elon Musk is a tech expert, Entrepreneur and the person behind Tesla, SpaceX, and X. He is hailed as one of the leading influencers of crypto. His tweets, especially for Bitcoin (BTC) and Dogecoin (DOGE), can move the crypto market upside-down.
Recently, Musk flipped an idea of integrating crypto payments with X. This move will futher facilitate crypto payments and make the X a 'Super App'.
He often participates in crypto debates and wants to educate investors about blockchain technology and the benefits of DeFi. He also supports Trump's crypto prospectives and wants a clear policy for the same.
Quick Facts
Full name
Elon Reeve Musk
Birth
28-07-1971, Pretoria, South Africa
Nationality
American, South African, Canadian
Education
BA, BS from the University of Pennsylvania
Known for
Entrepreneur, Crypto Influencer
Elon Musk - Career Highlights & Events
2020 – Tesla gained interest and backed Bitcoin
2021 – Elon Musk’s Tesla purchases $1.5B worth of Bitcoin. Accepts it as a payment method
2022 – Boosts Dogecoin (DOGE) as its integration is tested in Tesla's commodities assets
2023 – Announced crypto payment attributes for X
2024 – Advocated for crypto-based financial infrastructure at global occasions.
NAsales@teslamotors.com
EntrepreneurInvestorChief Executive Officer
delayed disclosure allowed him to buy over $500 million worth of Twitter shares at artificially low prices. When Musk finally announced his purchases on April 4, 2022, Twitter’s share price jumped 27%.
The lawsuit seeks to force Musk to pay a civil fine and return profits he allegedly gained unfairly. Musk went on to purchase Twitter for $44 billion in October 2022, later rebranding the company as X. The SEC’s complaint claims that Musk’s failure to file a timely beneficial ownership report resulted in investors selling Twitter stock between March 25, 2022, and April 1, 2022, at artificially low prices. This, according to the SEC, caused those investors significant financial losses.
Musk Responds to SEC Lawsuit, Calls Agency ‘Broken’
Musk has responded to the lawsuit on his platform, X (formerly Twitter), calling the SEC a “totally broken organization” and criticizing the agency for focusing on this issue while other more serious crimes go unpunished. Despite this ongoing legal battle, Musk has consistently avoided court appearances, delegating legal matters to his lawyers.
The SEC filed the lawsuit just days before gary gensler
gary gensler
Gary Gensler is the chairman of the U.S. Securities and Exchange Commission (SEC). His studies in finance and blockchain at MIT have helped him develop U.S. cryptocurrency regulations and policies.
Quick Facts
Full name
Gary Scott Gensler
Birth
18-10-1957, Baltimore, Maryland, United States
Nationality
American
Education
MBA from the University of Pennsylvania
Marital status
Married to Francesca Danieli (1986-2006)
Net worth
Estimated $100 million
Gensler has advocated for enhanced supervision of digital assets, seeking to regulate cryptocurrencies similar to securities. His work at the SEC has focused on safeguarding investors, regulating crypto exchanges, and establishing stablecoin policies.
Gary Gensler - Career Highlights
1997 – Became Assistant Secretary of the Treasury.
2009 – Led CFTC, regulating financial derivatives post-2008 crisis.
2018 – Taught blockchain and crypto at MIT.
2021 – Appointed SEC Chairman, focusing on crypto regulations.
2022 – Proposed stricter rules for crypto exchanges.
2023 – Took legal action against major crypto firms.
2024 – Advocated for stronger stablecoin and DeFi regulations.
Gary has collaborated with multiple lawmakers in formulating crypto policies. Even with disagreements with crypto investors regarding crypto policies, he continues to be a key player in the changing dynamic between regulatory frameworks and blockchain advancement.
Awards & Recognitions of Gary Gensler
Year
Institution
Description
2009
U.S. Treasury
Financial Regulation Leader
2018
MIT
Blockchain & Crypto Educator
2021
SEC
SEC Chairman Overseeing Crypto Policies
2023
Bloomberg
Most Influential Regulator in Crypto
2024
Forbes
Top Policy Maker in Digital Assets
Useful Links to Connect With Gary Gensler
Platform
Link
X (formerly Twitter)
twitter.com/GaryGensler
CFTC website
Chairman Gary Gensler
Chairman
the current SEC chair, steps down on January 20. His successor, Paul Atkins, nominated by Trump, is expected to review many of Gensler’s actions.
