The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Tesla CEO Elon Musk on Thursday. The tech tycoon is now responding by saying that an overhaul of institutions like the SEC is urgently needed. In the lawsuit, the SEC accused Musk of failing to comply with a subpoena related to his 2022 purchase of Twitter stock. The SEC said Musk's refusal to testify hindered the SEC's investigation into possible violations of federal securities laws.
One X user posted that "another witch hunt has begun" against Musk, adding, "The SEC, which has been investigating Elon's 2022 purchase of Twitter stock, is now suing to force him to testify and comply with their subpoenas. This is yet another attack on Elon by the Alphabet Group."
Musk responded to the post: "There is an urgent need to overhaul these agencies, along with the creation of a commission to take punitive action against individuals who abuse their regulatory powers for personal and political gain."
When another X user asked Musk whether such "sweeping reforms" and "punitive action" would happen, Musk said, "I would estimate the probability is 100 percent."
Related articles: