In a surprising turn of events, Elon Musk has called for a much-needed overhaul of the Securities and Exchange Commission (SEC). Coincidentally, the SEC has filed a lawsuit against him the same day, seeking to compel him to testify about his acquisition of Twitter, now known as X.
Musk took to X to express his thoughts on the matter, stating, “A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain. Can’t wait for this to happen.”
The SEC has accused Musk of failing to comply with a subpoena related to their investigation into his purchase of Twitter in 2022. The agency, which is responsible for examining any potential violations of federal security laws by individuals or entities, had initiated the probe last year.
In a court filing, the SEC stated, “The SEC has followed all appropriate administrative steps required in seeking Musk’s testimony. In the face of Musk’s blatant refusal to comply with the SEC’s subpoena, the SEC now asks the Court to intervene and compel Musk’s compliance.”
Musk had previously testified for two half-day sessions, but the SEC contends that he has now refused to testify again. The agency’s request for additional testimony comes as they have received an influx of new documents, including hundreds from Musk himself, as outlined in the lawsuit.
The SEC emphasized that Musk’s ongoing refusal to comply with their administrative subpoena is impeding and delaying their staff’s investigation into potential violations of federal securities laws. Consequently, the SEC has approached the court, seeking to compel Musk to appear for investigative testimony.
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