Elon Musk hits at SEC, DOJ amid suit to force testimony in Twitter probe
Elon Musk has called for a “comprehensive overhaul” of the United States Securities and Exchange Commission hours after the regulator sued Musk alleging he failed to testify in its probe relating to his $44 billion Twitter (now X) purchase last October.
The SEC is investigating if Musk’s purchase triggered securities laws and an Oct. 5 filing by the regulator in a California District Court seeks to compel Musk to comply with an earlier SEC subpoena.
In an X post the same day Musk suggested the SEC — along with the U.S. Department of Justice — should instead be the ones probed.
“Can’t wait for this to happen,” Musk added, in response to a post outlining the various actions the U.S. government has taken against Elon Musk-led companies.
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.
Asked by an X user if such a probe would ever happen, Musk responded: “I estimate the probability at 100%.”
The SEC said it subpoenaed Musk in May 2023 and required him to provide testimony at the regulator’s San Francisco office on Sept. 15, which Musk initially agreed to, the filing reads.
Two days prior, Musk “abruptly” notified the SEC he wouldn’t make an appearance and made several “spurious objections,” the SEC said.
The regulator said it tried to negotiate an alternative time and place for Musk’s testimony in “good faith” but its efforts were met with Musk’s “blanket refusal.”
The SEC also claimed Musk’s objections lacked legal merit.
X is among the most popular social media platforms for the cryptocurrency community with one heated topic of discussion being the
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