Can the SEC stand up to the richest man on the planet?

What chance does the SEC have in a fight with the world's richest man?

Elon Musk has hurled insults and belittled the Securities and Exchange Commission and has even expressed complete disdain for Wall Street's top cop.

Musk called the SEC "bastards" at a recent conference. He tweeted a vulgar innuendo in 2020. He said, "I do not respect the SEC," in a 2018 interview. And after he amassed a significant stake in Twitter this year, Musk filed required paperwork 11 days late.

"You know, Elon Musk is basically saying, 'Come at me. I dare you,'" says Christine Chung, a professor at Albany Law School. She used to be a lawyer in the SEC's Division of Enforcement.

Despite the fact that the SEC has taken multiple actions against Musk, including fines of millions of dollars and charges of securities fraud, Musk insists on provoking the agency. After Musk failed to file a mandatory disclosure on time and made comments in the media about Twitter, the SEC wrote to him asking for more information.

There's a renewed debate about whether the SEC has the teeth to rein in powerful and wealthy CEOs like Musk.

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A "slam dunk" case against Musk is the result of his late filing.

Many of Musk's recent actions have sparked speculation. According to former SEC Commissioner Joseph Grundfest, it appears that Musk violated the law with that late filing. Tesla CEO Elon Musk was given 10 days to notify the Securities and Exchange Commission (SEC) when he amassed more than 5 percent of a publicly traded company, but he took his time.

According to Grundfest, who is now a professor at Stanford Law School, "It seems to me that this is about as close to a slam-dunk case as you're going to find." It is expected that the SEC's most junior attorney will be able to write a strong complaint.

But Grundfest doubts that charging Musk with a disclosure violation would accomplish much. The typical punishment for this type of offence is a hefty fine of around $100,000.
"To a guy like Elon Musk, that's pocket lint," says Grundfest. "That's just a few bucks. It's worthless. You withdraw it from your petty cash fund."

According to the Bloomberg Billionaires Index, Elon Musk is the world's richest man with an estimated net worth of $227 billion.Grundfest adds, "It's really not going to make a difference." "It won't have an effect on people's behaviour. He'll crack a joke."

The 60 Minutes interview with Musk

In a 60 Minutes interview with correspondent Lesley Stahl in 2018, Musk made fun of the SEC when she questioned him about his settlement with the agency over a Twitter post."I want to be crystal clear," Musk said during the interview. "It's hard for me to trust the SEC. They have no place in my life."

As a result of his "misleading tweets," which "led to significant market disruption," the SEC had filed a lawsuit against him. "I'm considering taking Tesla private at $420," Musk tweeted. He insisted he was able to do so because he had "funding secured." According to the Securities and Exchange Commission, he didn't.

An SEC news release states that Tesla agreed to pay Musk and Tesla $20 million each, as well as "increased controls and procedures to oversee Musk's communications," including his tweets.

However, such restraints have had little effect. Since then, Musk has continued to attack the SEC in the media and has asked a judge to overturn the settlement he reached with them. In April, a federal judge ruled against the plaintiffs.

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