"Mr. Musk has now been cleared of all issues related to the late filing of forms in the Twitter acquisition, as we said from the outset he would be. A trust vehicle has agreed to a small fine for being late on one filing."
"In his motion, Mr. Musk does not dispute that the Complaint adequately alleges that he disregarded the disclosure requirements of Section 13(d). Rather, he attacks the constitutionality of those requirements."
"A straightforward application of the law reveals that none of these arguments warrant dismissal of this lawsuit."
"The class action lawsuit alleged that Musk's false statements caused them to sell at artificially inflated prices."
The SEC filed a proposed order to permanently restrain the Elon Musk Revocable Trust from violating Section 13(d) and to impose a fine. Musk's lawyer stated that the trust was fined while Musk himself faced no personal claims. A jury found Musk liable for false statements regarding Twitter's bot accounts during his acquisition attempt. US District Judge Sparkle Sooknanan rejected Musk's motion to dismiss the case, stating that his constitutional arguments did not warrant dismissal.
Read at Ars Technica
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