Musk and SEC Head to Trial After Failed Settlement in Twitter Case

On April 2, Elon Musk and the U.S. Securities and Exchange Commission (SEC) informed the judge that they are heading to trial to resolve the regulatory agency’s allegations that Musk deceived investors of the social media platform prior to his acquisition of Twitter in 2022. This announcement comes just two weeks after both parties’ lawyers indicated they were negotiating a settlement, as detailed in a joint status report submitted to the Washington federal court on Wednesday. The lawyers stated in the new document that they and their clients have discussed alternative dispute resolution options. The document noted, ‘Both parties believe that, under the current circumstances, the court’s alternative dispute resolution procedures or any other form of alternative dispute resolution would be of no benefit to this case.’ Musk has recently faced setbacks in other legal cases related to his acquisition of Twitter four years ago. (Jinshi)