On October 5, the US Securities and Exchange Commission (SEC) sued Elon Musk as he refused to testify about the $44 billion acquisition of X (formerly Twitter) last October. In response, Musk thinks the SEC should be reorganised.
What’s the SEC accusing Elon Musk of
The testimony the regulator wants from Elon Musk relates to the SEC's non-public investigation on whether federal securities laws were violated during his purchase of Twitter stocks in 2022.
According to the SEC's statement, back in May, 2023, the regulator summoned Elon Musk to testify at its San Francisco office on September 15. However, on September 13, the entrepreneur's lawyer said that Musk would not appear at the meeting. As it is also stated, the regulator tried to find a convenient place and time for the meeting, but Musk consistently refused.
Moreover, the Commission said that he had been acting illegally: "None of Musk's objections has any legal validity, and he has no justifiable excuse for his non-compliance with the SEC's subpoena".
Elon Musk's response to the SEC’s sue
In a tweet, Mario Nawfal summarised the recent regulatory claims against Musk. Elon Musk himself responded by saying that the said agencies (SEC, DOJ) need to reorganise and take action against "those individuals who have abused their regulatory power for personal and political gain".
This is not the first time that the billionaire has criticised regulatory bodies. For instance, back in December, 2018, Muck said that he had "no respect for the SEC" when having proceedings with the watchdog regarding "misleading tweets".
Also, on October 9, Elon Musk supported the disgruntled Billy Markus, creator of Dogecoin, in denouncing the SEC's inconsistent stance regarding cryptocurrencies. On the one hand, they claim cryptocurrencies have no value, while on the other, the government collects taxes from them.
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