Elon Musk is 'hot as ice cream' and wants to bring down the SEC
Elon Musk called for a “complete overhaul” of the US Securities and Exchange Commission hours after the regulator sued Musk for allegedly failing to testify in an investigation related to his purchase of Twitter (now is X) worth 44 billion USD last October.
The SEC is investigating whether Musk's acquisition violated securities laws, and the SEC also filed on October 5 with the California District Court to force Musk to comply with its previous subpoena. .
Immediately after that, Musk expressed his displeasure and argued that it was the SEC and the US Department of Justice who were being investigated.
“There needs to be a comprehensive review of these agencies, along with a commission to take punitive action against individuals who have abused their legal powers for personal and political gain.” Musk announced on X.
The trouble began in May 2023 when the SEC said it had subpoenaed Musk and asked him to provide testimony at the regulator's San Francisco office on September 15, which Musk initially agreed to. .
However, two days before that appointment, Musk suddenly informed the SEC that he would not appear and gave a number of objections.
The regulator said it tried to negotiate an alternative time and location in good faith but its efforts were met with fierce opposition from Musk.
“None of Musk's objections have any legal merit and he has no legitimate reason for not complying with the SEC subpoena.”
Elon Musk called for a “complete overhaul” of the US Securities and Exchange Commission hours after the regulator sued Musk for allegedly failing to testify in an investigation related to his purchase of Twitter (now is X) worth 44 billion USD last October.
The SEC is investigating whether Musk's acquisition violated securities laws, and the SEC also filed on October 5 with the California District Court to force Musk to comply with its previous subpoena. .
Immediately after that, Musk expressed his displeasure and argued that it was the SEC and the US Department of Justice who were being investigated.
“There needs to be a comprehensive review of these agencies, along with a commission to take punitive action against individuals who have abused their legal powers for personal and political gain.” Musk announced on X.
The trouble began in May 2023 when the SEC said it had subpoenaed Musk and asked him to provide testimony at the regulator's San Francisco office on September 15, which Musk initially agreed to. .
However, two days before that appointment, Musk suddenly informed the SEC that he would not appear and gave a number of objections.
The regulator said it tried to negotiate an alternative time and location in good faith but its efforts were met with fierce opposition from Musk.
“None of Musk's objections have any legal merit and he has no legitimate reason for not complying with the SEC subpoena.”