Elon Musk Vs SEC.
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.
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