Chinese officials are reportedly exploring a backup plan for TikTok after the Supreme Court appeared unlikely to save it from a US ban. With TikTok’s legal options nearly exhausted, multiple news outlets are reporting that China is considering an option it previously said it wouldn’t: letting ByteDance sell the app.

The kicker? China is reportedly mulling having President-elect Donald Trump’s favorite tech billionaire, Elon Musk, act either as broker or buyer in the arrangement. Reports from the Financial Times, Wall Street Journal and Bloomberg — all citing unnamed sources — indicate that Chinese officials are at least discussing the option of a sale. TikTok spokesperson Michael Hughes has called the reports “pure fiction.” The Chinese embassy in the US and Musk’s existing social media company, X, did not respond to requests for comment.

Plenty of people have expressed interest in buying TikTok at this point, from ”Shark Tank” celebrity Kevin O’Leary to YouTuber Mr. Beast. The problem has not been a lack of buyers — though obvious ones like Meta and Google would likely be barred by antirust authorities — but reluctant sellers. The new reporting suggests that the Chinese...

Read the full story at The Verge.

• The Securities and Exchange Commission has filed suit against Elon Musk.
• The new suit alleges Musk violated securities law.
• It's not the first time the Tesla leader has gone toe-to-toe with the SEC.

The Securities and Exchange Commission has filed suit against Elon Musk, alleging he violated securities law, according to a federal docket.

The complaint alleges Musk "failed to timely file with the SEC a beneficial ownership report" disclosing his purchase of Twitter shares before he announced his ownership of the company.

"As a result, Musk was able to continue purchasing shares at artificially low prices, allowing him to underpay by at least $150 million for shares he purchased after his beneficial ownership report was due," the complaint reads.

This isn't the first time the SEC has sued Musk. A 2018 complaint from the commission stemmed from CEO Elon Musk's "funding secured" tweet, which eventually resulted in a settlement under which Tesla and Musk both paid fines of $20 million.

"Today's action is an admission by the SEC that the they cannot bring an actual case — because Mr. Musk has done nothing wrong and Everyone sees this sham for what it is," said Musk's attorney Alex Spiro. "As the SEC retreats and leaves office — the SEC's multi-year campaign of harassment against Mr. Musk culminated in the filing of a single-count ticky tak complaint against Mr. Musk under Section 13(d) for an alleged administrative failure to file a single form — an offense that, even if proven, carries a nominal penalty."

The SEC has not responded to BI's request for comment.

This story is developing. Please check back for updates.

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The Securities and Exchange Commission sued Elon Musk on Tuesday, alleging he failed to properly disclose his purchase of Twitter shares before eventually buying the company.

Why it matters: The suit comes just days before President-elect Trump's inauguration as president, amid uncertainty over what legal scrutiny "first buddy" Musk might face in the new administration.

Zoom out: The SEC, in a suit filed in federal court in Washington, alleges that Musk did not file disclosures in a timely manner in March 2022 as he was acquiring shares of Twitter, now known as X.

• Because investors did not know the size of his holdings, that allegedly let him buy stock at "artificially low prices," the SEC said, underpaying by an estimated $150 million.

What they're saying: "Today's action is an admission by the SEC that the they cannot bring an actual case — because Mr Musk has done nothing wrong and Everyone sees this sham for what it is," his attorney Alex Spiro said in a statement.

• Spiro went on to call the case a "single-count ticky tak complaint."

Zoom in: The complaint requests an order forcing Musk to give up his "unjust" profits and pay unspecified civil penalties.

Flashback: Musk said he was joining Twitter's board in April 2022, after he'd already purchased 9% of the company's stock.

• He later backed out of the board seat and acquired the company outright.

Go deeper: Elon Musk fight with SEC reaches tipping point