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Elon Musk Fires Back at ‘Broken’ SEC Amid $150M X Lawsuit
Tesla CEO Elon Musk has fired back at the U.S Securities and Exchange Commission (SEC) over allegations of delaying disclosure of his Twitter share acquisitions, ultimately saving himself a staggering $150 million.
According to an official report, the SEC sued Musk for failing to disclose his significant stake in Twitter, formerly known as X, within the required ten-day window. The regulator claims that this delayed disclosure allowed Musk to purchase shares at artificially low prices, resulting in an estimated loss of $150 million for unsuspecting investors.
However, Elon Musk took to Twitter to express his frustration with the SEC’s actions, calling them a “broken organization” that prioritizes petty lawsuits over tackling more severe financial crimes. “They spend their time on s*** like this when there are so many actual crimes that go unpunished,” Musk tweeted.
The community has rallied behind Musk, showing support for his stance. One user commented, “Musk is the real hero here, fighting against the broken system.”
This isn’t the first instance of a high-profile dispute between Musk and regulatory bodies. Last year, he faced allegations of defrauding investors through Dogecoin manipulation and insider trading, resulting in billions lost by investors. However, U.S District Judge Alvin Hellerstein dismissed the lawsuit in August, ruling in Musk’s favor.
Despite these setbacks, it seems that Elon Musk remains unfazed, continuing to push back against regulatory actions that he perceives as unfair.
Source: ambcrypto.com
