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On Tuesday, the US Securities and Exchange Commission (SEC), led by Gary Gensler, filed a lawsuit against the tech billionaire. Elon Musk. The regulatory body accused Musk of failing to disclose his large stake in Twitter earlier.
According to SEC rules, investors must declare their ownership of more than 5% within 10 calendar days. In Musk's case, the SEC said he disclosed a 9.2% stake in Twitter on April 4, 2022, instead of March 24, 2022. Musk eventually bought Twitter for $44 billion in October 2022 and renamed it X.
In its lawsuit, the SEC sought to force Musk to pay a civil penalty and disgorge undue profits.
Feedback from the crypto community
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Several market stakeholders took to the X platform to share their thoughts on the SEC's lawsuit against Musk. Commenting on the new development, Dogecoin co-founder Billy Marcus, known on X as Shibitoshi Nakamoto, said: He said The lawsuit is meaningless.
He questioned why the SEC was prosecuting Elon Musk because he bought Twitter at "artificially low prices."
He reiterated that industry analysts said Twitter was only worth about $30 billion at the time. However, Musk paid $44 billion for the social media platform.
Other community members believe the lawsuit is an attack against Dogecoin (Doug). Remember, Musk is a strong supporter of the memecoin, and his activity with DOGE usually leads to new highs.
Best Crypto Lawyer MetaLawMan Comment"Here's the SEC's budget for enforcement. DOGE's retaliation." It is worth noting that Elon Musk is also set to lead the Department of Government Efficiency (DOGE) in the next administration.
With a new SEC head set to take office soon, it remains unclear how the lawsuit will play out.
Improvements to X
Interestingly, the SEC's lawsuit came shortly after Musk announced the new updates to System
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like I mentioned By U.Today, the update focuses on ranking content based on reputation to improve user experience. For example, accounts with a higher ban will have a much smaller reach, reducing their overall impact.
Despite the recent lawsuit against Musk, DOGE is showing positives. Over the past 24 hours, DOGE rose 4.14% to trade at $0.3597, according to data from CoinMarketCap.
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