Elon Musk and the SEC are preparing for trial after failing to reach a settlement. Both parties informed a federal judge they are ready to proceed regarding Musk’s 2022 Twitter stake disclosure.
The SEC filed the lawsuit in January 2025. It claims Musk missed a 10-day deadline to disclose his Twitter stake after it surpassed 5% in March 2022.
The regulator alleges the delay allowed Musk to save at least $150 million on share purchases. This delay reportedly harmed investors who sold shares before the public disclosure. A federal judge recently rejected a motion from Musk’s legal team to dismiss the case.