Tech billionaire Elon Musk has disclosed that the Securities and Exchange Commission (SEC) has made a settlement demand related to its ongoing probe into his 2022 acquisition of X, formerly known as Twitter. The SEC investigation was focused on determining whether Musk breached securities laws by failing to disclose his stock purchases on the social media platform within the stipulated timeframe.
Musk’s attorney, Alex Spiro, shared a letter on social media outlining the SEC’s demand that Musk agree to pay a fine or face multiple charges. According to the letter, the SEC claimed that the demand was made at the behest of higher authorities and cautioned that charges would be filed unless Musk complied with the demand. However, Musk has refused to give in to the SEC’s demands.
Elon Musk’s legal team has accused the US Securities and Exchange Commission (SEC) of conducting a politically motivated campaign against him and his associates. This comes after the SEC issued a settlement demand related to Musk’s 2022 acquisition of Twitter, now rebranded as X.
According to Musk’s lawyer, Alex Spiro, the SEC has been pushing for a settlement, threatening to file charges if Musk doesn’t comply within 48 hours. Spiro has refused to testify after being subpoenaed, and the SEC has also reopened an investigation into Musk’s brain-machine interface company, Neuralink.
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The SEC’s investigation into Musk’s Twitter acquisition is focused on whether he violated securities laws by failing to disclose his stock purchases within the required 10-day window. Musk’s legal team has denied any wrongdoing, and Musk himself has expressed defiance in the face of the SEC’s demands.
Adeleke Damilola (ACTION) is a versatile content writer with expertise in news writing and a seasoned media professional and broadcast specialist. Currently serving as News Editor for DNews Info, Damilola is also the CEO of the ACTION brand, committed to shaping lives and establishing a legacy of excellence for present and future generations.
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