Elon Musk Calls for a ‘Comprehensive Overhaul’ of SEC

October 06, 2023

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Elon Musk has taken aim at both the SEC and the DOJ as they seek to compel his testimony in a high-stakes investigation into his last year’s spectacular $44-billion purchase of Twitter (X).

Elon Musk Calls for a ‘Comprehensive Overhaul’

The Tesla CEO characterized the situation as a “comprehensive overhaul” after regulatory authorities filed a lawsuit against him for his “blanket refusal” to provide testimony in their ongoing investigation.

In a post on X, Musk observed: “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.”

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SEC vs. Elon Musk

As per the report, in a recent filing made on October 5th in a California District Court, the SEC is seeking to enforce Musk’s compliance with a prior subpoena issued by the agency. The Securities and Exchange Commission (SEC) is currently conducting an inquiry into whether Musk’s acquisition may have violated securities regulations.

Subpoena Issued in May 2023

According to the SEC, they issued a subpoena to Elon Musk in May 2023, and he had initially agreed to testify at the SEC’s San Francisco office on September 15. However, just two days before the scheduled appearance, Musk informed the SEC that he would not be attending and raised various “spurious objections,” as stated in the filing.

The SEC asserts: “None of Musk’s objections has any legal validity, and he has no justifiable excuse for his non-compliance with the SEC’s subpoena.”

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Rebranding of Twitter

Notably, X stands as one of the leading social media platforms within the cryptocurrency community, where a prominent topic of discussion revolves around the SEC’s regulatory stance toward the cryptocurrency industry. Back in July, the CEO of Twitter, unveiled plans to rebrand the platform as “X”.

Meanwhile, the CEO has a reputation for expressing his views openly, and most recently, he has praised Vivek Ramaswamy, who was reported to be exploring a potential bid for the presidency as a Republican candidate in the United States.