Elon Musk plans to take legal battle with the SEC, standing up for Ripple
“I didn’t start it, but I will finish it”
The US Securities and Exchange Commission (SEC) has been in the news a lot over a legal battle with Ripple. Tesla CEO Elon Musk plans to file a legal battle against the SEC. Musk dropped some clear signals regarding his plans against the watchdog. It seems that Ripple is not alone in the fight against SEC.
Musk and Tesla have long been engaged in a legal battle against the SEC. This time, the richest man in the world admitted to filing a lawsuit against the SEC to bolster his own position.
A Twitter user dropped his theory about Elon. He came up with the claim that Musk is collecting evidence to soon with a well-prepared case to publicly address the SEC. Elon confirmed this by saying:
“Building a business, that’s exactly what I did”.
Building a case is exactly what I’ve been doing
— Elon Musk (@elonmusk) February 23, 2022
Musk also responded to another comment about starting one with the SEC.
Starting a fight with the SEC is not a great look.
— James Cat (@TSLAFanMtl) February 23, 2022
Elon Musk and Tesla are both ready and confident to go against the SEC, Musk said he plans to finish it this time. Elon Musk has been very unpredictable every time. Recently, through his attorney, he accused the SEC of leaking information about a federal investigation in response to his public criticism.
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Musk’s fight against the SEC
The SEC and Musk are engaged in an intense battle. In 2018, the SEC filed a lawsuit against Elon over his “funding secured” comments.
To counter this, Musk started his fight against the SEC. Musk claims the agency worked for people who short-circuited Tesla. However, it didn’t end for Elon when they both reached a settlement. Elon agreed to step down as chairman of the board. Both Musk and Tesla had to pay $20 million in fines each.
This settlement only helped Musk because he didn’t want Tesla to pay for his comments and the issues with the commission. However, it was also not an option to pay directly for the part of the fine from the electric car manufacturer. Partly because of this, Musk bought $20 million in Tesla shares and ended up with 71,000 extra Tesla shares.
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