I suspect that life is about to become a lot more difficult for Elon Musk as news is breaking that the SEC is suing him:
The regulator is seeking a court order directing Musk to comply with a subpoena to appear for testimony, it said.
According to the filing, Musk failed to appear for testimony as required, despite agreeing to it at one point.
The investigation concerns whether Musk broke federal securities law violations in connection with his 2022 purchases of Twitter stock, as well as statements and SEC filings he made in relation to the deal.
Musk acquired Twitter last year after initially building a large minority stake in the social media platform, which he allegedly failed to disclose in a timely manner.
Well, that’s a problem because the SEC is one of those federal agencies that you’re better off co-operating with rather than fighting against because the odds are that you will lose. Elon has fought them before and clearly feels that he can fight them again. But to me, this seems different and I think it won’t end well for Elon.
Get the popcorn ready.