| Advertisement |
Dec. 13 (UPI) -- Elon Musk shared that the Security and Exchange Commission issued a "settlement demand" in a long-running probe of his purchase of the social media platform now known as X. The probe, which started in 2022, centered on Musk's purchase of Twitter, which he has rebranded as X. The SEC, led by President Joe Biden appointee Gary Gensler, said that Musk agreed to a settlement within 48 hours.
Advertisement
Musk posted a letter from his lawyer, Alex Spiro, responding to the request on X, writing, "Oh Gary, how could you do this to me?"
The letter stated that Musk had 48 hours to agree to a settlement deal or "imminently" face charges that were not specified in the letter.
The SEC accused Musk of waiting too long to make public that he was buying up shares of Twitter stock. The agency said Musk's illegal silence on the issues likely kept share prices low, where they would have risen quickly if investors knew he was purchasing the stocks.
In past court documents, the agency said Musk's failure to disclose his plan to purchase the stock may have violated late disclosure rules and could be securities fraud.
Spiro, in the letter, accused Gensler of engaging in "an improperly motivated campaign against Mr. Musk and the individuals and companies associated with him."
The SEC's also investigated Musk in 2018 as he posted on Twitter to say he was considering taking Tesla private for $420. The announcement drove up shares but no private deal ever came about.
Musk and Tesla paid $20 million each as the result of that investigation, but it made the billionaire an intense opponent of the agency since.
Musk may now have the SEC in his crosshairs as a member of President-elect Donald Trump's Department of Government Efficiency, or DOGE. Charged with cutting government waste.
He on Thursday called the SEC "just another weaponized institution doing political dirty work."
