Elon Musk has been in a running battle to avoid having to provide evidence to the SEC in relation to Elon purchasing Twitter stock prior to purchasing Twitter. Which the SEC finds to be suspect at best. Elon was supposed to testify on September 10… But:
In a filing today, the U.S. Securities and Exchange Commission (SEC) said that it intended to seek sanctions against Musk after Musk skipped a court-ordered appearance in a Los Angeles courthouse on September 10. Per the filing, Musk didn’t notify the SEC that he wouldn’t be appearing until just three hours before his testimony was set to begin.
“The Court must make clear that Musk’s gamesmanship and delay tactics must cease,” the filing reads.
Musk instead spent September 10 overseeing the launch of Polaris Dawn, a spacecraft made by his space exploration company, SpaceX, according to the filing.
The SEC’s legal counsel offered to reschedule Musk’s hearing to the following day, September 11. But Musk’s attorney declined, agreeing only to court dates in October.
And this is what the SEC wants in terms of punishment:
The SEC is seeking “meaningful conditional relief” if Musk doesn’t appear in court in October. The agency also signaled that it plans to file a sanctions motion against Musk to recoup its travel costs for the canceled testimony and other relief. (In the filing, the SEC said that it spent “thousands of dollars” to fly three attorneys to Los Angeles for the September 10 hearing.)
Hey Elon! Top tip. Pi$$ing off three letter government agencies is a really bad idea. Sooner or later they are going to get fed up with your antics and punish you. It looks like punishment is coming. Elon may shortly wish that he didn’t play a game of FAAFO with the SES because he’s not going to win against them.
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This entry was posted on September 22, 2024 at 9:16 am and is filed under Commentary with tags Twitter. You can follow any responses to this entry through the RSS 2.0 feed.
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Elon Musk Is About To Find Out Why Defying The SEC Is A Bad Idea
Elon Musk has been in a running battle to avoid having to provide evidence to the SEC in relation to Elon purchasing Twitter stock prior to purchasing Twitter. Which the SEC finds to be suspect at best. Elon was supposed to testify on September 10… But:
In a filing today, the U.S. Securities and Exchange Commission (SEC) said that it intended to seek sanctions against Musk after Musk skipped a court-ordered appearance in a Los Angeles courthouse on September 10. Per the filing, Musk didn’t notify the SEC that he wouldn’t be appearing until just three hours before his testimony was set to begin.
“The Court must make clear that Musk’s gamesmanship and delay tactics must cease,” the filing reads.
Musk instead spent September 10 overseeing the launch of Polaris Dawn, a spacecraft made by his space exploration company, SpaceX, according to the filing.
The SEC’s legal counsel offered to reschedule Musk’s hearing to the following day, September 11. But Musk’s attorney declined, agreeing only to court dates in October.
And this is what the SEC wants in terms of punishment:
The SEC is seeking “meaningful conditional relief” if Musk doesn’t appear in court in October. The agency also signaled that it plans to file a sanctions motion against Musk to recoup its travel costs for the canceled testimony and other relief. (In the filing, the SEC said that it spent “thousands of dollars” to fly three attorneys to Los Angeles for the September 10 hearing.)
Hey Elon! Top tip. Pi$$ing off three letter government agencies is a really bad idea. Sooner or later they are going to get fed up with your antics and punish you. It looks like punishment is coming. Elon may shortly wish that he didn’t play a game of FAAFO with the SES because he’s not going to win against them.
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This entry was posted on September 22, 2024 at 9:16 am and is filed under Commentary with tags Twitter. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.