Elon Musk Vs SEC.

18 Nov 2023

Billionaire Elon Musk, one of the richest man in the world (the richest in the world?), faces an investigation by the United States Securities and Exchange Commission (SEC) for his purchase of 44,000 million dollars of the former social network Twitter, now renamed X. According to the court document, the organization asked the judge to force Musk to testify.

The SEC is an agency of the US Administration that regulates markets and protects investors in the United States, in addition to supervising mergers and takeovers. It also has among its functions to investigate possible violations of the rules of conduct, fraud, market manipulation and other irregularities in the financial field.

The investigation focuses on whether Musk violated federal securities laws in connection with his purchases of Twitter shares in 2022, as well as statements and documents filed with the SEC in connection with the deal. Musk was summoned to testify but days before he raised "several unfounded objections" and said he would not appear. He also rejected other proposals to make the depositions and among his objections argued that the SEC was trying to "harass him" and that his lawyer needed time to review potentially relevant material contained in a biography of Musk.

It should be noted that Elon Musk's purchase of Twitter has generated much speculation about his motivations. Some of the possible reasons or hypotheses could be that Musk has a vision of o you see it as an opportunity for innovation and experimentation, where you can apply your disruptive and creative ideas to improve the service, the user experience and the business model: o you only seek to influence public opinion and politics through X , taking advantage of his popularity, his charisma and his ability to generate controversy and media attention. Although in reality only he knows the real reasons.

"The SEC has already taken Mr. Musk's testimony multiple times in this misguided investigation - enough is enough", Alex Spiro, a lawyer for Musk, said in a statement. The SEC declined to comment beyond the public filings. Because Musk acquired Twitter after building a large minority stake in the social media platform, which he allegedly failed to disclose in time, the SEC argues that it is seeking "Musk's testimony to obtain information that is not already in the SEC's possession and that is relevant for their legitimate and legal investigation".

Musk and the SEC have a long-running dispute dating back to Musk's 2018 tweet in which he claimed that he planned to take his electric car maker Tesla private and had secured financing. "A comprehensive review of these agencies is needed, along with a commission that takes punitive action against those individuals who have abused their regulatory power for personal and political gain", Musk said in a post on X.


💲 StormGain - Trading - They can start without investment, capital is acquired for free with the Bitcoin Cloud Miner

💲 BingX - Trading - Called "The People's Exchange", it places a strong emphasis on social trading and offers its clients extensive features: new user rewards, demo account, high leverage, spot trading, standard and perpetual futures, grid trading, copy feed , etc.

💲 QuantFury (Invite Code: JRRU2593) - Trading - Join using my invite code: JRRU2593 and we will both receive a free share like AAPL or UBER, or crypto like BTC or ETH (up to $250). Trade and invest with no commissions or borrowing fees at real-time spot prices from the NYSE, Nasdaq, CME, Bats, Binance and Coinbase exchanges. With a good marketing management you have the possibility of obtaining passive profits without operating in the market.

💲 CoinEX, KuCoin - Trading - They offer different bonuses.

💲 AddmeFast - Earn daily Crypto. Promote and increase the sources of traffic, visibility, reach and reputation of your social networks.

💲 Bitcoin Spark - ICO - Initial Coin Offerings.

💲Bitrefill - Living with crypto, a philosophy of financial freedom. Travel, play, eat and live with BTC.

💲 BulbPublish0x, Ecency - Earn daily Crypto, NTFs or Money for reading or writing articles and interacting with publications.

Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.

💖 Originally Posted: Publish0x

Write & Read to Earn with BULB

Learn More

Enjoy this blog? Subscribe to CryptoEntrepreneurs


A heck of tax evasion was involved in Twitter's acquisition
nice article
Elon Musk's sympathies don't align with the Democrats, and as the elections approach, there seems to be a need to come up with something to gain back support...