(WASHINGTON) — The Securities and Exchange Commission is continuing its $150 million lawsuit against Elon Musk that was brought during the Biden administration.
According to a court filing Monday, the tech billionaire and head of the Department of Government Efficiency has agreed to respond to the suit, which accuses him of misleading investors when he bought millions of dollars in Twitter stock in 2022, prior to his acquisition of the company.
The SEC brought the case against Musk on Jan. 14 in the waning days of the Biden administration, and a representative of the SEC served Musk with the complaint and a summons earlier this month — though Musk contests the validity of the service.
Under the terms of the agreement, Musk’s lawyers will file a response to the complaint by June 6, pending approval from the court.
“The parties respectfully submit that this compromise is reasonable and will conserve judicial resources,” the filing said.
Monday’s filing marks the first time a deadline for Musk to respond to the complaint has been raised by either party.
Musk’s lawyers could not immediately be reached for comment by ABC News.
“They spend their time on s— like this when there are so many actual crimes that go unpunished,” Musk said on X in January in response to the SEC’s suit.
(NEW YORK) — Stocks fell on Monday ahead of the expected introduction of President Donald Trump’s sweeping tariffs on Wednesday, measures the president said will impact “all countries.”
The Dow Jones Industrial Average ticked down 10 points, or 0.03%, while the S&P 500 declined 0.7%. The tech-heavy Nasdaq plunged 1.5%.
Tesla, the electric carmaker led by billionaire Trump-advisor Elon Musk, dropped nearly 5%.
The downturn in U.S. markets followed a wave of selloffs worldwide.
Japan’s Nikkei index fell more than 4% and South Korea’s KOSPI slipped 3% after opening on Monday. In Europe, the British FTSE 100 fell by 1.18%, the German DAX index fell by 1.82% and France’s CAC 40 dropped by 1.76%.
Gold — a traditional safe-haven asset — reached a new record high of $3,128 per ounce.
Trump told reporters this weekend that his tariffs could affect “all the countries.”
“The tariffs will be far more generous than those countries were to us, meaning they will be kinder than those countries were to the United States of America,” he said.
“Over the decades, they ripped us off like no country has never been ripped off in history and we’re going to be much nicer than they were to us, but it’s substantial money for the country,” Trump said.
Auto tariffs of 25% are among those expected to come into effect on April 3. The measures will apply to imported passenger vehicles, including cars, SUVs, minivans, cargo vans and light trucks, according to a White House statement released last week.
Analysts widely expect the tariffs to raise prices for foreign-made cars, since importers will likely pass along a share of the tax burden to consumers.
Cars produced in the U.S. are also expected to undergo significant price hikes since manufacturers will bear higher costs for imported parts and face an uptick in demand as buyers seek out domestic alternatives, experts have told ABC News.
Trump dismissed concerns about auto tariffs this weekend. “The automakers are going to make a lot of money,” he said. “American automakers or international automakers, if you’re talking about them, are going to build in the United States.”
“The people that are going to make money are people that manufacture cars in the United States,” he continued. “Outside of the United States, that’s going to be up to them. I don’t care too much about that. But you have a lot of companies coming into the country to manufacture cars.”
ABC News’ Hannah Demissie contributed to this report.
John McDonnell/For The Washington Post via Getty Images
(WASHINGTON) — President Donald Trump has often mused, even joked, about seeking a third term, but over the weekend he made his strongest and most serious comments yet on a move that constitutional scholars ABC News spoke with call virtually impossible.
“I’m not joking,” he told NBC News “Meet the Press” moderator Kirsten Welker in a phone interview on Sunday, before adding it was “far too early to think about it.”
“There are methods which you could do it,” Trump said, including a scenario in which Vice President JD Vance ran at the top of the 2028 ticket with Trump as his running mate, only for Trump to assume the Oval Office after the election.
Legal and election experts told ABC News any attempt to win another four years as president would be an unprecedented breach of the Constitution.
“Trump may not want to rule out a third term but the 22nd Amendment to the Constitution does,” said David Schultz, a professor at Hamline University and an expert in constitutional law.
The amendment states, in part: “No person shall be elected to the office of the president more than twice.”
It was ratified in 1951, years after President Franklin D. Roosevelt broke with the two-term tradition set by George Washington and secured a third term as World War II was breaking out.
“It would be completely unprecedented for a president to openly defy the dictates of the 22nd Amendment and, even more so, to attempt to run or serve again as president,” said Michael Gerhardt, a constitutional expert at the University of North Carolina.
“The threats and insinuations no doubt thrill his base, but there is no constitutional basis for the current president to try to serve as president after two elected terms,” Gerhardt said.
The only way legal way for Trump to be able to run for a third term, experts said, would be to amend the Constitution — an incredibly unlikely outcome as it would take two-thirds of both the House and Senate, or two-thirds of the states agreeing to call a constitutional convention. Then, any change would require three-fourths of the states to sign on for ratification.
“This statement by Trump was brilliant in terms of capturing and diverting attention,” said Schultz. “His supporters love it and his detractors will rage over it. In the process, no one will talk about the price of eggs, tariffs and a shaky stock market.”
Experts break down ‘methods’ floated by Trump and his allies
As for Trump’s claim that one of the “methods” could be to run as Vance’s vice president and then be passed the baton, experts point to the 12th Amendment from 1804 as a barrier.
“The 12th Amendment states that anyone who is ineligible to be president is also deemed to be illegible to serve as vice president,” said Barry Burden, the director of the Elections Research Center at University of Wisconsin-Madison. “This means that Trump could not serve as vice president, which is the post he would need for the Vance scheme to be executed.”
Steve Bannon, a fierce Trump ally, has also floated what he’s called alternatives to allow Trump to run in 2028.
Bannon, in remarks at the New York Young Republican Club gala in December, has argued that he could run again as Trump’s two terms in office were not consecutive.
“Since it doesn’t actually say consecutive, I don’t know, maybe we do it again in ’28? Are you guys down for that? Trump ’28?” Bannon said.
Schultz said that argument doesn’t have a sound legal basis.
“The overall limit of serving as president for ten years is both textual proof on the bar to run for a third term and an indication of the intent of the congressional drafters that they did not want anyone serving for more than two terms,” Schultz said.
He added that measure “was put into place to allow for a situation where a president dies more than halfway into a term and the vice president succeeds that person. The Constitution thereby allows for the vice president to serve out the remaining term and then serve two more terms, for a total of ten years.”
What happens if Trump tries anyway?
Trump has already tested the bounds of the Constitution governing presidential power several times in the first months of his second term.
Several Democrats viewed his comments on Sunday as another escalation against the rule of law. Democratic National Committee Chair Ken Martin wrote on X: “This is what dictators do.”
In the past, Republicans have largely played off Trump’s musings about a third term as a joke intended to rile his opposition. But just days after his inauguration, Republican hardliner Rep. Andy Ogles introduced a resolution calling for the extension of presidential term limits to allow Trump to seek another four years in the White House.
“A crisis could arise if Trump runs for president or vice president in 2028,” Burden said. “The Constitution prohibits serving in office but not running for office. If Republicans nominated him, they would be betting that they can violate the Constitution and somehow allow him to serve if he wins.”
If Trump attempted to run, it would be up to election officials and then ultimately the courts to decide. This played out in the 2024 campaign, when several states challenged his eligibility to seek the Republican presidential nomination under Section 3 of the 14th Amendment due to his actions around the Jan. 6, 2021, attack on the U.S. Capitol. The legal battle went to the Supreme Court, which ruled in Trump’s favor.
“If an ineligible person such as Trump is permitted to run knowing that he is not eligible to serve, it is a dangerous collision course in which the U.S. Constitution and the rule of law would be seriously tested,” Burden said.
James Sample, a constitutional law expert at Hofstra University, said Trump would lose in court should he attempt to run again.
“Most of the Constitution is written in broad, textured, difficult to define terms. What is a speedy trial? What is cruel and unusual punishment? What is equal protection? How much process is due process? The 22nd Amendment, however, is black and white,” Sample said.
“But if you can succeed in turning questions that are that clear-cut into debates, then the overall goal of undermining the Constitution and undermining the rule of law and maximizing executive power is served even if you lose the particular battle,” he continued. “This particular battle is not a winnable battle. He is not going to serve a third term, but merely by framing this as a debate, he will succeed in further eroding respect for the Constitution.”
(ALBUQUERQUE, N.M.) — The New Mexico Republican Party headquarters was targeted in a suspected arson attack on Sunday, according to party officials.
At approximately 5:56 a.m. on Sunday, Albuquerque Fire Rescue was dispatched to the headquarters for a reported structure fire, officials said.
The flames were brought under control within five minutes of their arrival and there were no reported injuries, fire rescue said.
The structure suffered “damage to the front entryway and smoke damage throughout the building,” fire rescue said.
The words “ICE=KKK” were also spray-painted on the building, officials said.
The Republican Party of New Mexico said the incident was a “deliberate act of arson.”
“This horrific attack, fueled by hatred and intolerance, is a direct assault on our values, freedoms and our right to political expression,” party officials said in a statement on Sunday.
Party officials said this is not an isolated incident, claiming it is part of a “disturbing pattern of politically motivated violence that has plagued our country — fueled in part by the silence and implicit encouragement from progressive leaders who refuse to condemn these acts.”
Republican Party of New Mexico Chairwoman Amy Barela said those who “resort to violence to undermine our state and nation must be held accountable.”
“The Republican Party of New Mexico will not be silenced,” Barela said in a statement. “We will emerge from this stronger, more united and more determined to fight for the people of New Mexico and the future of our country.”
The Democratic Party of New Mexico said on X that it also “condemns the vandalism of the @NewMexicoGOP office as strongly as possible.”
“We firmly maintain that this sort of act has absolutely no place in our Democracy, & that peaceful discourse & organization are the only ways to approach political differences in our country,” the party wrote. “We hope whoever is responsible is found and held accountable.”
New Mexico Democratic Rep. Teresa Leger Fernandez added, “Political violence is unacceptable, including the arson attack on New Mexico’s GOP headquarters. The perpetrators must be held accountable. Every American should be able to freely and safely participate in our democracy.”
Leticia Muñoz, the executive director of the State Republican Party of New Mexico, said she is “thankful to first responders and law enforcement who saved our office from burning to the ground.”
“My resolve is even stronger today to continue to ‘FIGHT’ for our state,” Muñoz said in a statement.
Albuquerque Fire Rescue is working with the FBI and the Bureau of Alcohol, Tobacco, Firearms and Explosives to investigate this incident, officials said.
Members of the Chicago White Sox grounds crew struggle to deploy the rain tarp in the bottom of the seventh inning as hail and rain delay a game against the Los Angeles Angels at Rate Field on March 30, 2025 in Chicago, Illinois. (Photo by Matt Dirksen/Getty Images)
(CHICAGO) — Hundreds of thousands of customers were without power across the Midwest on Monday after deadly, severe weather battered the region on Sunday.
More than 310,000 customers are without power in Michigan Monday morning. Another 55,000 are without power in Wisconsin and 48,000 are in the dark in Indiana.
The National Weather Service said it recorded more than 200 wind damage reports and at least four tornadoes were reported across Michigan, Missouri, Tennessee and Kentucky.
Five fatalities have been attributed to the storm.
Three children — a 2-year-old girl, her 4-year-old brother and their 11-year-old cousin — were killed when the car they were in was hit by a tree in Michigan, the Kalamazoo County Sheriff’s Office said. Weather appeared to be the main contributing factor, the sheriff’s office said.
In Valparaiso, Indiana, one person was killed when “severe crosswinds” blew a tractor and a trailer onto their sides, according to local authorities.
The National Weather Service said a second person was killed north of Millersburg, Indiana, when wind from a thunderstorm blew over an Amish buggy.
The severe weather threat continues Monday, with both tornado and severe thunderstorm watches in effect across multiple states in the South.
Some storms could bring hailstones the size of tennis balls and damaging winds of up to 60 mph.
The storms are expected to reach New Orleans and Atlanta in the morning. The severe weather will hit Jacksonville, Florida; Charleston, South Carolina; and Charlotte, North Carolina, by the afternoon.
The Southeast region is where the strongest of the storms are expected, with damaging wind, large hail and tornadoes possible.
Washington, D.C., Philadelphia and New York could see storms by the evening rush hour.
ABC News’ Darren Reynolds and Jessica Gorman contributed to this report.
(WASHINGTON) — Florida state Sen. Randy Fine, the Republican candidate in Tuesday’s special U.S. House election for the seat vacated by former Rep. Mike Waltz, said on ABC News Live on Monday that doesn’t think be breaks with President Donald Trump on policies.
“I don’t think so,” Fine told ABC News Live anchor Diane Macedo when asked if he disagrees with Trump on anything.
“I mean, look, I was the second Florida legislator to endorse [Trump] over Gov. [Ron] DeSantis [in the 2024 presidential primaries] … And so no, I mean, I believe in the America First agenda and the Donald Trump agenda. And more importantly, I think that when you have a team captain, you have to support the team,” Fine said.
Fine’s race is one of a pair of special elections for the U.S. House in Florida on Tuesday that might have an impact on the balance of power in the U.S. House of Representatives.
While the Republicans are favored to win in each district — given that both districts were ruby-red in 2024 — some have speculated that the margin between the Republicans and Democrats in each district could be tighter than anticipated, and voices within the Republican Party have raised concerns over Fine’s campaign. Fine and his allies, including President Donald Trump, have maintained he has momentum.
This is a developing story. Please check back for updates.
(DETROIT) — Three people, including a 3-year-old girl, were critically hurt in a fire and possible explosion at an apartment building in Detroit, officials said.
The fire was reported around 4 a.m. Monday, and when crews arrived, they found people “hanging off” windows, “ready to jump,” Detroit Executive Fire Commissioner Chuck Simms told reporters.
“Firefighters immediately went into action” and rescued all 12 people in the building: six adults and six children, Simms said.
Three people who were in the same apartment were hospitalized in critical condition: a 30-year-old man with severe burns to 90% of his body; a 27-year-old woman with severe burns to about 20% to 40% of her body; and a 3-year-old girl who suffered burns to 15% of her body, Simms said.
The other injured victims were hospitalized in stable condition, including a 26-year-old mom and her four children, Simms said. He described their injuries as “scrapes and bruises.”
A cause is not known, Simms said. The investigation is focused on the apartment where the three victims suffered serious burn injuries, he said.
(PABRADĖ, Lithuania) — Three of the four U.S. Army soldiers who went missing during a training mission near Pabradė, Lithuania, last week were found dead on Monday, but the search is ongoing for the fourth soldier, the Army said.
Their identities were not released.
The M88 Hercules armored recovery vehicle the soldiers were in when they went missing was removed from a swamp early Monday morning after six days of work to retrieve it, the Army said.
The soldiers, who are all based in Fort Stewart, Georgia, went missing on Tuesday during a training exercise, the Army said.
On Wednesday, their 63-ton-vehicle was found submerged in about 15 feet of water and “clay-like mud” in a training area, the Army said.
“Most likely, the M88 drove into the swamp,” and the vehicle “may have just gone diagonally to the bottom,” Lithuanian Defense Minister Dovile Sakaliene told ABC News via phone last week.
The multiday search effort was complicated by the swamp’s muddy conditions, officials said.
The Army said last week it brought in assets including “a large capacity slurry pump, cranes, more than 30 tons of gravel, and subject matter experts.”
“The Polish Armed Forces have also volunteered a unit of military engineers, which is bringing in an additional water pump, tracked recovery vehicles, other additional equipment and supplies needed along with 150 personnel,” the Army said.
On Saturday, a U.S. Navy dive team arrived at the site, joining Lithuanian divers, the Army said.
(PABRADĖ, Lithuania) — The U.S. Army vehicle that was carrying four soldiers when it went missing near Pabradė, Lithuania, has been pulled from a swamp after six days of “relentless effort” to retrieve it, the Lithuanian Ministry of Defense said Monday.
The M88 Hercules armored recovery vehicle was salvaged Sunday night and the work at the site is ongoing, the Lithuanian Ministry of Defense said.
No updates about the whereabouts or conditions of the missing soldiers were provided.
The soldiers, who are all based in Fort Stewart, Georgia, went missing on Tuesday during a training exercise, the Army said.
On Wednesday, their 70-ton vehicle was found submerged in about 15 feet of water and “clay-like mud” in a training area, the Army said.
“Most likely, the M88 drove into the swamp,” and the vehicle “may have just gone diagonally to the bottom,” Lithuanian Defense Minister Dovile Sakaliene told ABC News via phone last week.
The multiday search effort has been complicated by the swamp’s muddy conditions, officials said. The Army said last week it brought in assets including “a large capacity slurry pump, cranes, more than 30 tons of gravel, and subject matter experts.”
“The Polish Armed Forces have also volunteered a unit of military engineers, which is bringing in an additional water pump, tracked recovery vehicles, other additional equipment and supplies needed along with 150 personnel,” the Army said.
On Saturday, a U.S. Navy dive team arrived at the site, joining Lithuanian divers, the Army said.
“We are going to use every resource available from all our countries to find our missing soldiers,” Maj. Gen. Curtis Taylor, 1st Armored Division commanding general, said in a statement Saturday.
The soldiers’ families are being kept up to date on recovery efforts, the Army said.
(NEW YORK) — U.S. stocks plunged in early trading on Monday ahead of the expected introduction of President Donald Trump’s sweeping tariffs on Wednesday, measures the president said will impact “all countries.”
The Dow Jones Industrial Average fell 315 points, or 0.75%, while the S&P 500 declined 1.1% on Monday morning. The tech-heavy Nasdaq plunged 1.75%.
Tesla, the electric carmaker led by billionaire Trump-advisor Elon Musk, dropped nearly 6%.
The downturn in U.S. markets followed a wave of selloffs worldwide.
Japan’s Nikkei index fell more than 4% and South Korea’s KOSPI slipped 3% after opening on Monday. In Europe, the British FTSE 100 fell by 1.18%, the German DAX index fell by 1.82% and France’s CAC 40 dropped by 1.76%.
Gold — a traditional safe-haven asset — reached a new record high of $3,128 per ounce.
Trump told reporters this weekend that his tariffs could affect “all the countries.”
“The tariffs will be far more generous than those countries were to us, meaning they will be kinder than those countries were to the United States of America,” he said.
“Over the decades, they ripped us off like no country has never been ripped off in history and we’re going to be much nicer than they were to us, but it’s substantial money for the country,” Trump said.
Auto tariffs of 25% are among those expected to come into effect on April 3. The measures will apply to imported passenger vehicles, including cars, SUVs, minivans, cargo vans and light trucks, according to a White House statement released last week.
Analysts widely expect the tariffs to raise prices for foreign-made cars, since importers will likely pass along a share of the tax burden to consumers.
Cars produced in the U.S. are also expected to undergo significant price hikes since manufacturers will bear higher costs for imported parts and face an uptick in demand as buyers seek out domestic alternatives, experts have told ABC News.
Trump dismissed concerns about auto tariffs this weekend. “The automakers are going to make a lot of money,” he said. “American automakers or international automakers, if you’re talking about them, are going to build in the United States.”
“The people that are going to make money are people that manufacture cars in the United States,” he continued. “Outside of the United States, that’s going to be up to them. I don’t care too much about that. But you have a lot of companies coming into the country to manufacture cars.”
ABC News’ Hannah Demissie contributed to this report.
