Elon Musk Faces SEC Backlash Over Missed Testimony, Quips 'Actual Crimes Go Unpunished'


Elon Musk Faces SEC Backlash Over Missed Testimony, Quips 'Actual Crimes Go Unpunished'

Elon Musk Faces SEC Backlash Over Missed Testimony, Quips ‘Actual Crimes Go Unpunished’

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

The U.S. Securities and Exchange Commission (SEC) is preparing to reprimand Elon Musk for his absence from a scheduled hearing. This testimony is part of an ongoing investigation into Musk’s $44 billion acquisition of X, previously known as Twitter.

What Happened: Musk was expected to testify before the SEC on September 10. However, Musk’s lawyer informed the SEC that Musk had to urgently travel to Cape Canaveral, Florida for the launch of SpaceX’s Polaris Dawn, thereby missing the testimony.

Don’t Miss:

  • This billion-dollar fund has invested in the next big real estate boom, here’s how you can join for $10.
    This is a paid advertisement. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the Fund’s prospectus. Read them carefully before investing.

  • Your biggest returns may not come from the stock market. Invest the way colleges, pension funds, and the 1% do. Get started investing in commercial real estate today.

According to a report by The Hill, this is the second time Musk has failed to appear before the SEC in relation to the probe into his acquisition of the social media platform, now known as X.

“Musk has now failed to appear before the SEC twice: first in September 2023, in defiance of a lawful administrative subpoena, and last week, in defiance of a clear court order,” stated SEC’s lawyer Robin Andews in the court filing.

Alex Spiro, Musk’s lawyer, has labeled the SEC’s sanctions as “drastic” and confirmed that a new date for the testimony has been agreed upon.

He emphasized that the rescheduling was due to a “critical” rocket launch and dismissed concerns of a similar emergency happening in the future.

Trending: This billion-dollar fund has invested in the next big real estate boom, here’s how you can join for $10.
This is a paid advertisement. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the Fund’s prospectus. Read them carefully before investing.

Meanwhile, responding to SEC’s claim, Musk went on X and said that ‘actual crimes go unpunished’.

Why It Matters: The SEC’s reprimand of Musk underscores the regulatory body’s commitment to enforcing compliance, even when dealing with high-profile individuals like Musk.

This incident also highlights the challenges Musk faces in balancing his responsibilities as CEO of Tesla and his other ventures, such as SpaceX.

The SEC’s ongoing probe into Musk’s acquisition of Twitter, now X, is a significant event, given the size of the deal and the potential implications it could have on the social media landscape.

The outcome of this investigation could set a precedent for future tech acquisitions and regulatory compliance.

Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today. SmartAsset’s free tool matches you up with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

Keep Reading:

This article Elon Musk Faces SEC Backlash Over Missed Testimony, Quips ‘Actual Crimes Go Unpunished’ originally appeared on Benzinga.com



Source link

About The Author

Scroll to Top