Elon Musk is asking for big changes at the U.S. Securities and Exchange Commission (SEC). He said this after the SEC sued him. They say he didn’t help with their investigation into his $44 billion purchase of Twitter, now called X, last October.
The SEC is checking if Musk’s purchase of X broke any finance rules. On October 5, they asked a court in California to make Musk follow their earlier request for information.
On the same day, Musk said in an X post that the SEC and the U.S. Department of Justice (DoJ) should be looked into instead.
A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain.
Can’t wait for this to happen.
— Elon Musk (@elonmusk) October 5, 2023
When an X user asked if there might be an investigation, Musk said, “I’m 100% sure it will happen.
” The SEC had sent Musk a request in May 2023. They wanted him to talk to them in their San Francisco office on September 15. At first, Musk said yes.
But just two days before the meeting, Musk changed his mind. He said he wouldn’t go and made a lot of excuses, according to the SEC.
The SEC tried to find another time and place for Musk to talk to them, but Musk said no. The SEC also said that Musk’s reasons for not going were not legal.
They said, “Musk’s reasons are not legal, and he has no good excuse for not following the SEC’s request.”
Musk continues to back Dogecoin
X is a significant place for crypto discussions, and Musk wants to turn it into a financial service. He hasn’t been very clear about whether X will use cryptocurrencies for payments, but he mentioned the possibility of using Dogecoin for payments in April 2022.
However, Musk has made it clear that X won’t create its own cryptocurrency. He said this in an X conversation.
Recently, due to his legal issues with the SEC, Musk has been more cautious when talking about Dogecoin. In a May 24 interview, he talked about Dogecoin but also emphasized that his comments shouldn’t be taken as financial advice.
In April, Musk tried to avoid a lawsuit in Manhattan where he was accused of running a Dogecoin pyramid scheme worth $258 billion.
Now, Musk’s plans for X are uncertain because of his ongoing issues with the SEC. This situation could have big effects on the tech and finance industries, but we don’t know what those effects will be yet.