SEC vs. Elon Musk: A 48-Hour Ultimatum
- SEC demands Musk settle charges within 48 hours or face legal action.
- Musks lawyer accuses the regulator of a politically motivated harassment campaign.
- Neuralink investigation reopened amid intensifying SEC scrutiny.
In an significant developement, SEC sent a settlement notice to Elon Musk demanding compliance within 48 hours. This comes as the regulator reopened an investigation into Musks brain-chip startup Neuralink. In response, Neuralink Musks lawyer Alex Spiro calls it harassment, further intensifying the clash.
The clash between billionaire Elon Musk and the U.S. Securities and Exchange Commission has took a new turn when the regulator watchdog issued a settlement demand requiring Musk to pay a monetary penalty within 48 hours or face numerous charges. The demand comes amidst the SECs renewed probe into Musks neurotechnology company, Neuralink.
In response, Musks lawyer, Alex Spiro, has called this a politically motivated campaign of harassment, citing years of the agency actions against Musk.
This demand follows a multi-year investigation and more than six years of harassment of Mr. Musk by the Commission and its staff We demand to know who directed these actions whether it was you or the White House. These tactics and misguided scheme will not intimidate us. We reserve all rights.
Addressing to SEC Chair Gary Gensler, Spiro in his letter, describes the demand as an improperly motivated tactic. Musks legal team further alleges that the regulators recent actions stem from directives by higher authorities and questions whether the White House was involved. The Wall Street regulator has also reopened an investigation into Neuralink, Musks neurotechnology venture, adding another layer to the ongoing feud.
Elon Musk Accuses SEC of Harassment Amid New Neuralink Probe
Musk, known for his blunt responses, reacted by questioning Gensler, How could you do this to me? His reaction highlights his frustration with what he believes as the SECs relentless pursuit.
The regulators focus on Musk has spanned years, covering issues from stock disclosures to his business activities. This latest conflict intensifies tensions, as Musks legal team vows to resist the agencys actions. Spiro categorically refused the latters demand for testimony and declared that such tactics would not intimidate Musk or his associates.
With this weeks developments, the Musk-SEC battle showcases the broader friction between tech billionaires and regulatory bodies.
Read more: https://www.tronweekly.com/sec-vs-elon-musk-a-48-hour-ultimatum/
Text source: TronWeekly
