Lawsuit dismissal pursued by Elon Musk concerning SECover Twitter stock ownership proceedings
Elon Musk, the CEO of Tesla and SpaceX, is once again at odds with the U.S. Securities and Exchange Commission (SEC), this time over his 2022 purchase of a significant stake in Twitter. The SEC seeks to force Musk to pay a civil penalty and block him from profiting from trades made during the period of delayed disclosure.
Musk's legal team challenges the SEC's lawsuit, asserting that the regulatory body failed to demonstrate that Musk violated securities laws in a way that harmed investors. Musk's lawyers argue that the delay in disclosure was not an attempt to mislead the market.
The SEC claims that the delay gave Musk an unfair advantage, allowing him to buy additional shares at lower prices before his stake became publicly disclosed. The regulator estimates that shareholders who sold before Musk's disclosure lost more than $150 million that they might otherwise have made.
This isn't Musk's first clash with the SEC. In 2018, the regulator sued him over a tweet saying he had "funding secured" to take Tesla private.
Meanwhile, in the world of cryptocurrency, several significant developments are unfolding. Next Technology has filed for a $500M common stock offering to buy more Bitcoin. Santander's Openbank has rolled out Bitcoin, Ether, and more for European users. The cryptocurrency Pi Network begins its final Testnet1 upgrade before transitioning to mainnet.
In a separate case, XRP and Dogecoin ETFs are set to launch this week. However, the UAE M2 crypto exchange has dropped its business model, marking a shift in the region's cryptocurrency landscape.
In other news, Nvidia's stock has crashed by 3% due to China accusing it of breaching anti-monopoly law. The creators of Solana received $19.3M from Pump.Fun streams, and Pantera Capital has backed Solana with a $1.1B bet, predicting Bitcoin to reach $750K.
However, the cybersecurity landscape is not without its challenges. An article discusses how hackers seized the FBI's botnet takedown targets and built a stronger cyberweapon from it. Additionally, Monero's double-spending threat has grown following a block reorganization.
Larry Ellison, co-founder of Oracle, is currently involved with OpenAI, Paramount, Warner Bros., TikTok, and more, further demonstrating the interconnectedness of the tech and entertainment industries.
Lastly, a user lost $1M USDC to a MEV bot after a mistaken transaction, underscoring the need for caution and education in the rapidly evolving world of decentralised finance.
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