Elon Musk Slams the SEC Amid Lawsuit Involving Twitter Deal
- Elon Musk has slammed the SEC for filing a lawsuit against him over his purchase of Twitter.
- The billionaire has called for a “comprehensive overhaul” of the agency via his official account on X.
- The Tesla CEO said that the Department of Justice (DoJ) and the SEC need to be probed.
- The SEC filed a lawsuit against the Dogecoin supporter after he failed to comply with a subpoena from the agency.
Elon Musk, the CEO and founder of Tesla and SpaceX, has slammed the United States Securities and Exchange Commission (SEC) after the securities regulator filed a lawsuit against the billionaire over the purchase of social media platform Twitter (now known as X). The executive called for a “comprehensive overhaul” of the agency, which claims he failed to testify in its probe relating to his $44 billion purchase.
The SEC filed a lawsuit against Elon Musk while investigating whether his purchase of Twitter broke securities laws. An October 5 filing in a California District Court by the regulator seeks to force the billionaire to respond to an earlier SEC subpoena. The entrepreneur commented on the lawsuit via his official handle on X, stating that he cannot wait for a complete restructure of the SEC.
“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,” Musk said.
When another X user asked Elon Musk if he believes that the SEC will ever be reorganized, the entrepreneur replied, “I estimate the probability at 100%.” The billionaire believes that instead of probing his purchase of Twitter, it is the SEC and the Department of Justice (DoJ) that need to be probed.
The SEC noted in the lawsuit that it had subpoenaed Elon Musk in May 2023 to testify at the regulator’s San Francisco office on September 15, to which he initially agreed, but after two days, he “abruptly” notified the SEC he wouldn’t make an appearance while making several “spurious objections,” said the regulator.
The agency also added that it tried to negotiate a proper time on another date for the billionaire’s testimony in “good faith” but met with the entrepreneur’s “blanket refusal.”
“None of Musk’s objections has any legal validity, and he has no justifiable excuse for his non-compliance with the SEC’s subpoena,” said the regulator.
As per an earlier report from Bitnation, Elon Musk praised the pro-crypto Republican candidate for the 2024 US presidential elections, Vivek Ramaswamy.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
