Elon Musk has known as for a “complete overhaul” of the USA Securities and Trade Fee hours after the regulator sued Musk alleging he did not testify in its probe regarding his $44 billion Twitter (now X) buy final October.
The SEC is investigating if Musk’s buy triggered securities legal guidelines and an Oct. 5 filing by the regulator in a California District Courtroom seeks to compel Musk to adjust to an earlier SEC subpoena.
In an X submit the identical day Musk suggested the SEC — together with the U.S. Division of Justice — ought to as an alternative be those probed.
“A complete overhaul of those companies is sorely wanted, together with a fee to take punitive motion towards these people who’ve abused their regulatory energy for private and political acquire.”
“Can’t watch for this to occur,” Musk added, in response to a submit outlining the varied actions the U.S. authorities has taken towards Elon Musk-led corporations.
A complete overhaul of those companies is sorely wanted, together with a fee to take punitive motion towards these people who’ve abused their regulatory energy for private and political acquire.
Can’t watch for this to occur.
— Elon Musk (@elonmusk) October 5, 2023
Requested by an X consumer if such a probe would ever occur, Musk responded: “I estimate the chance at 100%.”
The SEC mentioned it subpoenaed Musk in Might 2023 and required him to supply testimony on the regulator’s San Francisco workplace on Sept. 15, which Musk initially agreed to, the submitting reads.
Two days prior, Musk “abruptly” notified the SEC he wouldn’t make an look and made a number of “spurious objections,” the SEC mentioned.
The regulator mentioned it tried to barter an alternate time and place for Musk’s testimony in “good religion” however its efforts have been met with Musk’s “blanket refusal.”
The SEC additionally claimed Musk’s objections lacked authorized advantage.
“None of Musk’s objections has any authorized validity, and he has no justifiable excuse for his non-compliance with the SEC’s subpoena.”
X is among the many hottest social media platforms for the cryptocurrency group with one heated subject of debate being the SEC’s regulatory method to the crypto business.
Musk has taken pictures on the SEC prior to now, beforehand making his stance on the regulator clear in a December 2018 interview with 60 Minutes:
“I don’t respect the SEC. I don’t respect them.”
“I’ve no respect for the SEC”
— Tesla House owners Silicon Valley (@teslaownersSV) October 5, 2023