AsianFin -- Billionaire Elon Musk filed a motion on Thursday seeking to dismiss a civil lawsuit brought by the U.S. Securities and Exchange Commission (SEC) that alleges he delayed disclosing his 2022 purchase of a significant stake in Twitter, which has since been rebranded as X.

The SEC’s complaint, filed in January in federal court in Washington, D.C., claims Musk violated federal securities laws by waiting 11 days to report his initial acquisition of 5% of Twitter’s common shares. The agency is pursuing a civil penalty and demands Musk surrender profits it says resulted from the alleged disclosure delay.