Elon Musk faces multiple lawsuits from the Securities and Exchange Commission again



Elon Musk, owner of X (formerly Twitter) and CEO of Tesla and SpaceX, has revealed that the U.S. Securities and Exchange Commission (SEC) has asked him to choose between 'accepting a settlement or facing multiple lawsuits.'



Elon Musk is mad at the SEC again - The Verge
https://www.theverge.com/2024/12/12/24320060/elon-musk-sec-alex-spiro-tesla-neuralink-twitter



SEC is being unfair to Elon Musk, billionaire's lawyer says • The Register

https://www.theregister.com/2024/12/13/elon_musks_lawyer_sec_letter/

Elon Musk's Lawyer Rejects SEC Twitter Probe as 'Harassment' | PCMag
https://www.pcmag.com/news/elon-musk-sends-letter-rejecting-sec-twitter-probe

Elon Musk says SEC sent 'settlement demand' after Twitter deal probe
https://www.cnbc.com/2024/12/13/elon-musk-says-sec-sent-settlement-demand-after-twitter-deal-probe.html

'Hey Gary, why are you doing this to me?' Musk wrote in a post along with a copy of a letter his lawyer, Alex Spiro, sent to SEC Chairman Gary Gensler.

Spiro's letter said the FBI had pressured Musk to agree to a settlement within 48 hours, including paying a fine. The FBI threatened that Musk would be 'charged on numerous counts related to his trading and disclosure of Twitter stock' if he did not agree to the settlement. The letter did not disclose the amount of the settlement.

The SEC has been investigating Musk's delay in offering 9.2% of his shares in connection with his 2022 acquisition of Twitter, and has called for his appearance in court, but Musk has continued to ignore subpoenas. As a result, a lawsuit was filed in October 2023 for his failure to appear in court, but Musk claims that this is an 'abuse of authority by the SEC.'

Elon Musk finally sued by the US government, because he ignored and did not comply with the order to appear in court regarding the takeover of Twitter acquisition - GIGAZINE



According to the news site CNBC, even if the SEC and Musk fail to reach a settlement agreement, it is not certain that Musk will be indicted. In this case, the SEC will send a 'Wells Notice' to companies and individuals informing them that it plans to take legal action, and then the authorities will decide whether to prosecute them.

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in Note, Posted by logc_nt