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SEC’s Musk Lawsuit Vote: Mark Uyeda Opposed, Peirce Among Four in Favor
The US Securities and Exchange Commission (SEC) has voted on a lawsuit against Tesla CEO Elon Musk, with four out of five commissioners supporting the move. The vote comes as no surprise, given the SEC’s ongoing investigation into Musk’s delayed disclosure of his stake in Twitter, now X.
According to reports, Mark Uyeda was the sole dissenting voice among the commission members. This decision marks a significant shift in the agency’s stance on the matter, with Commissioner Hester Peirce being one of the four in favor of moving forward with the lawsuit.
The dispute centers around Musk’s alleged failure to disclose his interest in X within the legally required 10-day timeframe. The SEC claims that this delay gave him an unfair advantage in acquiring additional shares at a lower price, ultimately benefiting him financially at the expense of other investors. In response, Musk has maintained that his delayed filing was a result of his misunderstanding of the relevant disclosure regulations.
The SEC’s investigation into Musk’s actions has been ongoing since 2022 and had faced criticism for its slow pace. The final decision to bring the lawsuit brings an end to this saga, as Musk is now expected to face legal action from the agency.
It remains to be seen how this development will play out in the courts.
Source: https://cryptopotato.com/secs-musk-lawsuit-vote-mark-uyeda-opposed-peirce-among-four-in-favor/
