Elon Musk Faces SEC Backlash Over Missed Testimony, Quips ‘Actual Crimes Go Unpunished’

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The U.S. Securities and Trade Fee (SEC) is making ready to reprimand Elon Musk for his absence from a scheduled listening to. This testimony is a part of an ongoing investigation into Musk’s $44 billion acquisition of X, previously known as Twitter.

What Occurred: Musk was anticipated to testify earlier than the SEC on September 10. Nevertheless, Musk’s lawyer knowledgeable the SEC that Musk needed to urgently journey to Cape Canaveral, Florida for the launch of SpaceX’s Polaris Daybreak, thereby lacking the testimony.

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In response to a report by The Hill, that is the second time Musk has failed to look earlier than the SEC in relation to the probe into his acquisition of the social media platform, now referred to as X.

“Musk has now failed to look earlier than the SEC twice: first in September 2023, in defiance of a lawful administrative subpoena, and final week, in defiance of a transparent courtroom order,” acknowledged SEC’s lawyer Robin Andews within the courtroom submitting.

Alex Spiro, Musk’s lawyer, has labeled the SEC’s sanctions as “drastic” and confirmed {that a} new date for the testimony has been agreed upon.

He emphasised that the rescheduling was because of a “vital” rocket launch and dismissed considerations of an analogous emergency occurring sooner or later.

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In the meantime, responding to SEC’s declare, Musk went on X and mentioned that ‘precise crimes go unpunished’.

Why It Issues: The SEC’s reprimand of Musk underscores the regulatory physique’s dedication to imposing compliance, even when coping with high-profile people like Musk.

This incident additionally highlights the challenges Musk faces in balancing his obligations as CEO of Tesla and his different ventures, corresponding to SpaceX.

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The SEC’s ongoing probe into Musk’s acquisition of Twitter, now X, is a major occasion, given the dimensions of the deal and the potential implications it may have on the social media panorama.

The result of this investigation may set a precedent for future tech acquisitions and regulatory compliance.

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This text Elon Musk Faces SEC Backlash Over Missed Testimony, Quips ‘Actual Crimes Go Unpunished’ initially appeared on Benzinga.com