Elon Musk is facing a Securities and Exchange Commission (SEC) investigation over alleged securities violations during his Twitter acquisition. The probe comes as Donald Trump, whom Musk supported financially, is set to become President, raising questions about the future of regulatory actions against Musk's companies.
Elon Musk spoke with U.S. president-elect Donald Trump at a viewing of the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas, on November 19, 2024. Last month, in the waning days of the Biden administration, the SEC set a tight deadline of several days for demanding that Elon Musk pay a settlement or face civil charges relating to alleged securities violations during his $44-billion takeover of Twitter in 2022.
Musk broke the news himself in a social-media post: “Oh Gary, how could you do this to me?” he wrote, referring to SEC Chair Gary Gensler. He added a smiley-face emoji but attached a legal letter condemning the “improperly motivated” ultimatum: “We demand to know who directed these actions–whether it was you or the White House.” An SEC spokesperson declined to comment on the incident. The White House did not respond to a request for comment. The SEC is not the only investigative agency Musk has defied and accused of political harassment. The billionaire has long railed against government oversight, portraying himself as a victim of bureaucratic zealots stifling his companies’ potentially life-saving innovations. The White House will soon be occupied by Donald Trump – whom Musk spent more than a quarter-billion dollars to help elect – rather than Joe Biden, who appointed Gensler. Trump has already named a new SEC chair to replace Gensler, who plans to resign when Trump is inaugurated. Musk’s potential to have extraordinary clout with the new administration raises questions about the fate of federal investigations and regulatory actions affecting his business empire, of which at least 20 are ongoing, according to three sources familiar with SpaceX and Tesla operations and the companies’ interaction with the U.S. government, as well as five current and former officials who have direct knowledge of individual probes into Musk’s companies
ELON MUSK TWITTER SEC DONALD TRUMP REGULATION
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