Yigit Taha OZTURK 
The acting chair of the United States Securities and Exchange Commission (SEC), Mark Uyeda, voted against suing billionaire businessman Elon Musk over his failure to disclose Twitter stock purchases on time. According to a Reuters report on March 24, Uyeda was the only member of the SEC commission to vote against the lawsuit.
SEC Commission Majority Approves Lawsuit
According to the report, the SEC’s five commissioners held a vote on whether to sue Elon Musk. Four commissioners voted in favor of the lawsuit, while Mark Uyeda, the acting chair, cast the only dissenting vote. Uyeda was appointed as acting chair by U.S. President Donald Trump on January 20, 2025. Additionally, SEC Commissioner Hester Peirce also voted in favor of suing Musk along with three other commissioners.
What Are the Allegations Against Musk?
In the lawsuit filed on January 14, the SEC claimed that Elon Musk failed to disclose his purchase of Twitter shares within the required 10-day window after exceeding the 5% ownership threshold. The agency alleges that Musk delayed the disclosure by 11 days, allowing him to continue buying shares at lower prices, which resulted in an estimated $150 million advantage.
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Elon Musk‘s lawyer, Alex Spiro, rejected the SEC‘s allegations, stating that the agency’s action was an admission that it could not bring an actual case. Meanwhile, Musk referred to the SEC as a “totally broken organization” on social media platform X, arguing that “so many actual crimes” go unpunished.
DOGE Agency and New Investigation Requests
One month after the lawsuit was filed, Musk’s Department of Government Efficiency (DOGE), a U.S. government agency led by Musk, turned its attention to the SEC. On February 17, a DOGE-affiliated account called on the public to report any “waste, fraud, and abuse” within the SEC. Musk also shared this post with his 200 million+ followers on X.
Court filings indicate that Elon Musk has until April 4 to respond to the lawsuit. Meanwhile, President Donald Trump issued an executive order calling for a review of politically motivated investigations within the SEC and other federal agencies under the previous administration.
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