Billionaire Elon Musk has shared a letter from his attorney, claiming the Securities and Exchange Commission (SEC) sent him a “settlement demand” related to his $44 billion takeover of Twitter. The letter reveals that the SEC is demanding an undisclosed fine to settle charges, or face charges on numerous counts.
Musk’s lawyer responded by saying the commission seems motivated by a campaign against Musk rather than seeking truth. They also demanded to know who directed these actions – whether it was the White House or not.
The SEC did not respond to ABC News’ request for comment. However, with President-elect Donald Trump emerging as one of Musk’s closest advisers and deeply involved in the transition, Musk’s position may improve with the SEC.
Trump has picked Paul Atkins, CEO of Patomak Global Partners, to run the SEC in his new administration, who is expected to be more business-friendly and crypto-friendly. Following the election, Trump announced that Musk and Vivek Ramaswamy will lead a Department of Government Efficiency advisory panel.
Source: https://abcnews.go.com/US/elon-musk-shares-letter-sec-settlement-demand-purchase/story?id=116765210