SEC sues Musk

Source: C Labs Crypto Observation

The U.S. Securities and Exchange Commission (SEC) has sued Elon Musk, claiming that the world's richest man did not disclose that he acquired "beneficial ownership" of Twitter in early 2022, so he could buy shares at a lower price.

The SEC sued in federal court in Washington, D.C. on January 14, claiming that Musk's late disclosure of his holdings in Twitter (now X) allowed him to "continue to buy shares at low prices" and "underpay at least $150 million."

Musk responded strongly to this:

"The SEC is a rotten organization.

When so many crimes are not punished, they spend their time on these boring things."

Musk's lawyer Alex Spiro said:

"The SEC's years of harassment campaign against Musk finally led to a difficult complaint.

Today's action is the SEC's admission that they are looking for trouble.

Musk did nothing wrong, and everyone thinks this is a scam."

As a spectator in our crypto circle, it's good to see the SEC fighting Musk.

Previously, crypto projects were fined by the SEC, but now Musk, who has the power to lay off and kill U.S. government personnel, and the SEC are confronting each other head-on at this critical time, which will help to kill the SEC's arrogance.

However, the current SEC leadership will not last for many days. When Trump takes office as president next week, several commissioners, including Chairman Gensler, will resign.

The people who will be replaced by Trump will be his own nominees, and many lawsuits filed by the new leaders will be left unresolved.

So it is interesting to sue Musk at this time, just to disgust you~

Musk will face more challenges in the future. According to a survey by the Napolitan Institute/RMG Research Institute, 80% of federal government managers who voted for Harris said they would resist the efforts of the Trump administration, while only 1% said they would support him to some extent.

Musk’s pinned tweet now is like a fighter, saying that “the huge federal bureaucracy and the unconstitutional fourth branch of government will do everything possible to obstruct the will of the people”

(The fourth branch of government refers to interest groups outside of legislation/judiciary/law enforcement, editor’s note)