The Drama Unfolds
In a gripping twist of events, Elon Musk has sparked a fiery critique of the United States Securities and Exchange Commission (SEC), just hours after the regulator sued him. This comes in light of Musk’s alleged failure to testify regarding his monumental $44-billion acquisition of Twitter, now rebranded as X. What a plot twist!
SEC’s Unfolding Investigation
The SEC is diving deep to determine whether Musk’s Twitter takeover violated any securities laws. On October 5, a filing made by the SEC in a California District Court sought to compel Musk to comply with a previous subpoena. Spoiler alert: Musk wasn’t having it.
Taking Aim Back
On the same day, Musk took to X (formerly Twitter) to suggest that it’s not him but the SEC—along with the U.S. Department of Justice—that should be on the chopping block for an investigation. His post highlighted, “A comprehensive overhaul of these agencies is sorely needed…” and he didn’t hold back, adding, “Can’t wait for this to happen.” Talk about throwing shade!
The Subpoena Episode
Originally, the SEC subpoenaed Musk back in May 2023, requesting his appearance in San Francisco on September 15. But just two days before the scheduled testimony, Elon decided to pull a fast one. Introducing his “spurious objections” to the show, he left the SEC scrambling to rearrange their plans. Uh-oh!
A Look Back: SEC and Musk’s Rocky History
This isn’t Musk’s first rodeo with the SEC. From calling regulators “the broads of Wall Street” to outright stating he has no respect for the organization in a 60 Minutes interview, Musk has made his feelings about the regulatory body crystal clear. And it seems he isn’t blowing smoke this time either.
The Crypto Connection
Musk’s relationship with cryptocurrency has also been a hot topic on X, especially as discussions about the SEC’s regulatory approach to crypto have heated up. In a bid to smooth things over with crypto enthusiasts, he’s been trying to integrate cryptocurrency payments on his platform, obtaining a currency transmitter license from Rhode Island just last month. The drama continues!
