JVTech News “I’m looking forward to it.” Elon Musk claims US is harassing him, refusing to testify in Twitter investigation
Published on 10/11/2023 at 6:00 p.m.
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Following the acquisition of Twitter (now X), Elon Musk could face a new trial which would be added to all those he has accumulated in recent days. According to him, the treatment he receives borders on harassment.
Why can Elon Musk have problems with American justice?
Elon Musk is a name that, for various reasons, is always linked to high tech news. In recent days, the owner of companies such as Tesla, SpaceX and Twitter (now known as X Corp) has made headlines following multiple changes to his social network. We reassure you right away, today, we are not going to talk about the ex-blue bird… well, not directly.
According to a recent paper found on Ars Technica, the billionaire refuses to testify in the investigation into the purchase of Twitter shares. Before concluding the acquisition of the social network, Elon Musk would have offered himself a 9% stake in the platform. Basically, he bought shares of Twitter right before buying the company, believing that those shares would increase in value.
This practice is not illegal in itself, but American law is quite clear on one point: investors have 10 days to acknowledge that they have acquired shares. As you can imagine, if this subject is being discussed today, it is because Elon Musk has missed this deadline. As a result, the US Securities and Exchange Commission (SEC) believes that Musk caused stocks to be sold at artificially low prices. And that’s illegal.
Elon Musk claims the SEC is harassing him
The SEC summoned Musk twice to appear in court to discuss the timing of the acquisition of his shares. As reported by our colleagues at Ars Technica, the billionaire had not encountered any resistance until then and he always attended his various summons calmly. Thus, the members of the SEC were surprised by Musk’s absence on September 15, 2023 even though the boss had committed to appearing.
So what happened? Musk has recently refused to cooperate because he considers that the operation is beginning to be abusive. And, as usual, the verbose boss shared his thoughts frankly with the general public.
Elon Musk believes that a “complete overhaul” of these agencies is necessary because he would face a commission that “takes action against people who have abused their regulatory power for personal and political gain.” Musk therefore considers that the SEC is using its subpoena power to “harass” him, an aspect that the entity considers inappropriate, because it considers that “none of its objections have legal validity” and that, therefore, he has no justifiable excuse for “his failure to comply with the SEC’s subpoena.” So Musk’s claim that he can’t show up in San Francisco to testify because he doesn’t live there is, for the organization, an excuse to shirk its responsibilities.
2023-10-11 16:00:20
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