2025-01-15
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The SEC sues Elon Musk over his Twitter stock purchases, alleging he misled investors.
Plus, South Korea's impeached president is arrested after a lengthy standoff, and Israel's tech sector sees a surge in investment despite ongoing conflict in in the Middle east.
The number of Israeli defense tech companies actually doubled as some existing companies pivoted towards defense in search of an explosion of contracts and demand caused by both the war in Israel and also the war in Ukraine.
It's Wednesday, January 15th.
I'm Kate Bullivant for the Wall Street Journal, filling in for Luke Vargas, and here is the AM edition of what's News, the top headlines and business stories moving your world Today.
The securities and Exchange Commission is suing Elon Musk over allegations that he misled shareholders about his Twitter stock purchases in 2022.
That was the year Musk bought a large block of shares in the platform before taking it over and renaming it X.
The SEC claims that Musk disclosed his stake in Twitter 11 days late, allowing him to save more than $150 million on buying Twitter stock and hurting shareholders who sold at artificially low prices because they didn't know about Musk's plans.
While the lawsuit escalates the agency's long simmering feud with the billionaire Journal reporter Dave Michaels says it's likely that President elect Donald Trump will ask the SEC's next leader to drop the case.
The SEC's investigation did take a long time, the better part of two years.
Some of that delay was due to Elon's refusal at one point to testify in the SEC's investigation.
This lawsuit comes now, just one week before the Trump administration takes over, and Elon Musk is, of course, a major ally of President Trump.
It would be a historic move for the new president to simply order the SEC to withdraw an enforcement action.
The SEC is historically an independent regulatory agency that doesn't take orders from the White House, but but Trump's own SEC chairman could take a different view of what it takes to settle this case.
The SEC today believes Musk should pay significant penalties for his violation, but the price tag could drop considerably under the new administration.
In a post on X, Musk called the SEC a quote, totally broken organisation while his lawyer says the suit is a sham.
South Korea's impeached President Yoon Suk Yeol has been arrested over his short lived declaration of martial law.
Last month, after a lengthy standoff with lawmakers from Yoon's ruling party who blocked the way into the presidential residence and with thousands of protesters chanting against the arrest outside, Yoon finally gave in and was taken to the investigator's office.
In a pre recorded address, Yoon said the investigation against him as well as the arrest warrant lacked legal merit.