Hours after the Securities and Exchange Commission (SEC) sued Elon Musk for allegedly withholding testimony during a probe into his $44 billion acquisition of Twitter, now known as X, in October, Musk has called for a “comprehensive overhaul” of the SEC.
If there were any securities laws broken by Musk’s acquisition, the SEC is looking into it. The regulator filed a document in a California District Court on October 5, seeking to compel Musk to comply with an earlier SEC demand.
Tesla CEO Musk Pushes for US SEC and DOJ Overhaul,Tesla CEO Musk Pushes for US SEC and DOJ Overhaul
The same day, Musk made the suggestion in an X post that the SEC and the US Department of Justice (DoJ) need to be the ones looking into this.
Musk said, “Can’t wait for this to happen,” in response to an article outlining the many actions taken by the US government against businesses he has overseen.
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Musk said, “I estimate the probability at 100%,” in response to a question from an X user on the possibility of such an inquiry.
According to the document, Musk first agreed to the SEC’s subpoena in May 2023, which requested that he appear on September 15 at their San Francisco headquarters.
But two days prior to the event, Musk abruptly informed the SEC that he would not be there and brought up many “spurious objections,” the agency claims.According to the agency, Musk flatly refused its attempts to work with it to set up a another time and place for Musk’s testimony in a “good faith” manner.
The SEC went on to say that Musk’s arguments lacked legal support.
“Musk has no legal basis for any of his objections, and he lacks an acceptable explanation for his failure to comply with the SEC’s subpoena.” The controller continued.
Musk continues to back Dogecoin.
The SEC’s regulatory position on the cryptocurrency business is still a hot subject in the community, and X is a major social media hub for it.
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Musk wants to turn X into a financial company. Although he hasn’t said clearly whether or not cryptocurrencies would be included into X’s payment features, back in April 2022, he did provide a hint regarding possible Dogecoin payment alternatives.
Musk, on the other hand, has rejected the idea of an X cryptocurrency coin. He clarified in an X discussion that neither the platform nor he intends to introduce a token.
However, in light of ongoing legal disputes with the SEC, Musk has tempered his public endorsement of Dogecoin.
Tesla CEO Musk Pushes for US SEC and DOJ Overhaul,Tesla CEO Musk Pushes for US SEC and DOJ Overhaul,Tesla CEO Musk Pushes for US SEC and DOJ Overhaul