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Musk files to dismiss lawsuit over his purchase of Twitter shares
US regulators allege his late disclosure of Twitter share purchases allowed him to buy them at "artificially low prices".
Elon Musk is seeking to dismiss a lawsuit by US regulators alleging he wrongly saved money by revealing he increased his initial investment in Twitter too late. In its January complaint, the SEC alleged that Musk violated US securities rules requiring investors to disclose within 10 days if their holdings in a company surpass 5%. When the SEC filed its lawsuit in January, Musk blasted the regulator as a "totally broken organisation" on social media and accused it of wasting its time.
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