Elon Musk is engaged in a latest battle with outgoing Securities and Exchange Commission (SEC) Chairman Gary Gensler over his initial purchases of Twitter shares in 2022. The SEC demanded that Musk agree to pay an undisclosed fine to settle charges related to his failure to disclose these purchases within the required timeframe.
Musk’s attorney, Alex Spiro, revealed the demand in a letter sent to Gensler, stating that the agency had indicated that the charges would be brought unless Musk acquiesced. However, Musk refuses to agree to the demand and has claimed that the SEC is motivated by an “improperly motivated campaign” against him.
This latest clash between Musk and Gensler follows a long-standing dispute over the regulation of cryptocurrencies, which Musk is a vocal advocate for. The SEC has described crypto currencies as “ripe with fraud, scams, and abuses.” However, Trump’s nomination of Paul Adkins to lead the agency may change this dynamic, as Adkins has been involved in crypto advocacy since 2017.
In previous years, Musk and Gensler have clashed over their differing views on how to regulate social media platforms. The dispute escalated during Trump’s first term, with Musk being a key supporter of the former president. Musk later agreed to pay fines of $20 million after making a false statement about securing funding for Tesla. However, this latest development suggests that the dispute between Musk and Gensler may be coming to an end with the incoming agency head.
Source: https://edition.cnn.com/2024/12/13/business/elon-musk-sec-fine-demand/index.html