Elon Musk hits out at SEC, DOJ to compel testimony in Twitter inquiry
Elon Musk has asked the U.S. Securities and Exchange Commission for a “comprehensive overhaul,” hours after the regulator sued Musk for failing to testify in an investigation into his $44 billion acquisition of Twitter (now X) last October.
The SEC is investigating whether Musk's purchase triggered securities laws and the regulator's filing on Oct. 5 in a California district court seeks to compel Musk to comply with an earlier SEC subpoena.
In an X post on the same day, Musk suggested that the SEC — along with the US Department of Justice — should be investigating instead.
A comprehensive overhaul of these agencies is essential, along with a commission to punish individuals who use their regulatory powers for personal and political gain.
“I can't wait for that to happen,” Musk added in response to a post detailing the various actions the US government has taken against companies led by Elon Musk.
A total overhaul of these agencies is needed along with the commission to take punitive action against individuals who abuse their regulatory powers for personal and political gain.
Can't wait for this to happen.
— Elon Musk (@elonmusk) October 5, 2023
Asked by user X if such an investigation could happen, Musk replied: “I 100% bet it is.”
The SEC said it subpoenaed Musk in May 2023 and wanted him to testify at the regulator's San Francisco office on Sept. 15, which Musk initially agreed to, the filing read.
Two days ago, Musk “abruptly” announced to the SEC that he would not be appearing and made several “disgusting objections,” the SEC said.
The supervisor said that he tried to negotiate an alternative time and place for Musk's testimony “sincerely”, but his efforts were met with Musk's “blanket refusal”.
The SEC also said Musk's protest lacked legal merit.
“None of Musk's objections are legally valid, and he has no excuse for not complying with the SEC's subpoena.”
X is one of the most popular social media platforms for the cryptocurrency community, and one hot topic of discussion is the SEC's regulatory approach to the crypto industry.
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Musk has been looking to integrate cryptocurrency payments on X in recent months, having received approval from a Rhode Island regulator in late August.
Musk has taken shots at the SEC before, previously clarifying his position on the regulator in an interview with 60 Minutes in December 2018:
“I don't respect the SEC. I don't respect them.
“I have no respect for the SEC.”
Elon Musk
pic.twitter.com/a46zuKXb1X
— Tesla Owners Silicon Valley (@teslaownersSV) October 5, 2023
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