SEC acting chair Mark Uyeda opposed suing Elon Musk in vote
Acting U.S. Securities and Exchange Commission (SEC) Chair Mark Uyeda reportedly voted against suing Elon Musk over allegations that the billionaire failed to properly disclose his stake in Twitter during its acquisition.
According to Reuters, the internal vote among the SEC’s five commissioners resulted in a 4–1 decision in favor of legal action. Uyeda, appointed by President Donald Trump in January, was the sole dissenter.
The SEC’s lawsuit, filed on January 14, alleges that Musk delayed disclosing his acquisition of more than 5% of Twitter’s stock, violating the mandatory 10-day disclosure period. The agency claims that Musk’s delay allowed him to continue purchasing shares at lower prices, saving an estimated $150 million before the acquisition was publicly known. The case centers on events leading up to Musk’s $44 billion acquisition of Twitter in 2022, which he later rebranded as X.
Political divisions and broader implications
Uyeda’s dissent follows a pattern of skepticism from SEC officials aligned with the Trump administration, particularly regarding the agency’s enforcement practices. Commissioner Hester Peirce, another Trump-era appointee often critical of SEC actions against the crypto industry, sided with the majority in voting to sue Musk.
The political backdrop to the case has intensified. In response to the lawsuit, Musk has publicly criticized the SEC as a “totally broken organization” and accused it of ignoring more serious infractions. In February, Musk’s Department of Government Efficiency (DOGE), a government initiative he leads, called on the public to report “waste, fraud, and abuse” at the SEC.
President Trump has since signed an executive order directing a review of what he described as politically motivated investigations by federal agencies during the previous administration.
A court filing indicates Musk must respond to the lawsuit by April 4, setting the stage for a legal battle with significant regulatory and political implications.
Earlier, Elon Musk announced plans to turn X into a global financial hub.
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