Elon Musk strikes back at US market watchdog after filing lawsuit
Date
1/18/2025 7:24:51 AM
(MENAFN) Elon Musk, CEO of SpaceX and Tesla, has criticized the US Securities and Exchange Commission (SEC) as a "totally broken organization" after the agency filed a lawsuit against him. The SEC accused Musk of failing to disclose his acquisition of more than 5% of twitter shares in early 2022 in a timely manner, months before his $44 billion purchase of the social media platform, later rebranded as X. The SEC claims this delay allowed Musk to buy additional shares at artificially low prices, allegedly saving him at least $150 million.
In response, Musk reacted to a post on X, where an account under the name Satoshi Nakamoto – a nod to Bitcoin’s creator – questioned the SEC's lawsuit, noting that Musk paid $44 billion for Twitter, a price deemed above its market value. Musk then labeled the SEC "a totally broken organization" and criticized its focus on this case instead of addressing more serious crimes.
Musk's lawyer, Alex Spiro, dismissed the lawsuit as baseless, arguing that it was part of a "multi-year campaign of harassment" and calling the SEC’s complaint trivial. The SEC's current head, Gary Gensler, will step down on January 20, when President-elect Donald Trump is inaugurated, with Paul Atkins nominated to replace him.
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