Musk Defends Himself Against US Market Regulator Following Lawsuit
The Securities and Exchange Commission has filed a lawsuit against the billionaire for allegedly not promptly disclosing his ownership of Twitter stock. Read Full Article at RT.com.
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The Securities and Exchange Commission has initiated a lawsuit against billionaire Elon Musk for his alleged failure to disclose his ownership of Twitter stock.
Elon Musk, CEO of SpaceX and Tesla, has criticized the US Securities and Exchange Commission as “a totally broken organization” following the filing of a lawsuit connected to his acquisition of Twitter.
On Tuesday, the SEC sued Musk in a federal court in Washington, alleging that he failed to disclose his ownership of more than 5% of Twitter stock in a timely manner in early 2022, several months prior to his purchase of the platform. The agency claims this oversight enabled Musk to “underpay by at least $150 million for shares he purchased after his beneficial ownership report was due.”
Musk responded on Wednesday to a post on X from an account named Satoshi Nakamoto, named after the anonymous creator of Bitcoin. The post noted the irony in the SEC suing Musk for acquiring Twitter at “artificially low prices” when he paid $44 billion for it, despite analysts estimating its value closer to $30 billion.
Musk remarked that the SEC is “a totally broken organization,” noting that they were spending their time on trivial matters while “there are so many actual crimes that go unpunished.”
Musk’s attorney, Alex Spiro, asserted that his client has “done nothing wrong” and described the SEC's lawsuit as a “sham,” arguing that the agency’s action “is an admission… that they cannot bring an actual case” against Musk.
Spiro emphasized that the SEC’s “multi-year campaign of harassment” targeting Musk culminated in “the filing of a single-count ticky tack complaint… for an alleged administrative failure to file a single form – an offense that, even if proven, carries a nominal penalty.”
Gary Gensler, the head of the SEC, has announced that he will resign from his position on January 20, coinciding with Donald Trump's inauguration. Last month, Trump nominated Paul Atkins, a cryptocurrency advocate and CEO of the consultancy firm Patomak Partners, to succeed Gensler as chair of the SEC.
Olivia Brown contributed to this report for TROIB News
Elon Musk, CEO of SpaceX and Tesla, has criticized the US Securities and Exchange Commission as “a totally broken organization” following the filing of a lawsuit connected to his acquisition of Twitter.
On Tuesday, the SEC sued Musk in a federal court in Washington, alleging that he failed to disclose his ownership of more than 5% of Twitter stock in a timely manner in early 2022, several months prior to his purchase of the platform. The agency claims this oversight enabled Musk to “underpay by at least $150 million for shares he purchased after his beneficial ownership report was due.”
Musk responded on Wednesday to a post on X from an account named Satoshi Nakamoto, named after the anonymous creator of Bitcoin. The post noted the irony in the SEC suing Musk for acquiring Twitter at “artificially low prices” when he paid $44 billion for it, despite analysts estimating its value closer to $30 billion.
Musk remarked that the SEC is “a totally broken organization,” noting that they were spending their time on trivial matters while “there are so many actual crimes that go unpunished.”
Musk’s attorney, Alex Spiro, asserted that his client has “done nothing wrong” and described the SEC's lawsuit as a “sham,” arguing that the agency’s action “is an admission… that they cannot bring an actual case” against Musk.
Spiro emphasized that the SEC’s “multi-year campaign of harassment” targeting Musk culminated in “the filing of a single-count ticky tack complaint… for an alleged administrative failure to file a single form – an offense that, even if proven, carries a nominal penalty.”
Gary Gensler, the head of the SEC, has announced that he will resign from his position on January 20, coinciding with Donald Trump's inauguration. Last month, Trump nominated Paul Atkins, a cryptocurrency advocate and CEO of the consultancy firm Patomak Partners, to succeed Gensler as chair of the SEC.
Olivia Brown contributed to this report for TROIB News
