Elon Musk is calling for an overhaul of the Securities and Exchange Commission after the agency sued him on Thursday over his purchase of X, formerly known as Twitter.
(Video Credit: Reuters)
“A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain. Can’t wait for this to happen,” Musk said on X in response to the lawsuit that is seeking to compel his testimony.
“The SEC is accusing Musk of failing to comply with a subpoena as part of its investigation over his purchase of Twitter last year. The agency had launched its probe into the billionaire’s purchase of Twitter in 2022 and was tasked with investigating whether any person or entities violated any federal security laws,” The Hill reported.
“The SEC has followed all appropriate administrative steps required in seeking Musk’s testimony. In the face of Musk’s blatant refusal to comply with the SEC’s subpoena, the SEC now asks the Court to intervene and compel Musk’s compliance,” the SEC stated in a filing on the matter.
A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain.
Can’t wait for this to happen.
— Elon Musk (@elonmusk) October 5, 2023
Musk has testified previously, appearing for two half-day sessions, which is why he is refusing to be subjected to more grilling by the SEC. He’s reportedly fed up with the harassment.
In September, Musk failed to appear to testify before the SEC after four months’ notice. The sides had an agreed-upon date, but two days before he was to appear, Musk canceled the meeting, “raising, for the first time, several spurious objections,” the SEC claimed.
According to Politico, Alex Spiro, who represents Musk, said in an email, “The SEC has already taken Mr. Musk’s testimony multiple times in this misguided investigation – enough is enough.”
Now, the SEC wants to drag him in once again to testify concerning the purchase of X. It seems apparent that they intend to go after the tech icon until they can politically nail him on something. Musk’s attorneys are the best in the business and are not playing ball on the matter. At least, not until they’ve had time to review the so-called evidence further. Musk is declining to testify at this point.
The SEC says it wants additional testimony from Musk because it has received “thousands of new documents,” including “hundreds of new documents produced by Musk,” according to the lawsuit the agency filed.
“None of Musk’s objections has any legal validity, and he has no justifiable excuse for his non-compliance with the SEC’s subpoena,” the agency wrote.
“Musk’s ongoing refusal to comply with the SEC’s administrative subpoena is hindering and delaying the SEC staff’s investigation to determine whether violations of the federal securities laws have occurred. Accordingly, the SEC now asks the Court to compel Musk to appear for investigative testimony,” the SEC wrote in its filing to the court.
The SEC said in a release that the investigation is ongoing and has not concluded that any laws were violated, according to Politico.
— Bo Snerdley (@BoSnerdley) October 1, 2023
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