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.

Sponsored Link

  1. Green roads CBD oil
  2. Best Man Plus Capsule 
  3. wonder leaf CBD oil
  4. Beliv Blood Sugar Oil 
  5. Green roads CBD oil
  6. Man Plus Australia
  7. wonder leaf CBD oil
  8. Beliv Blood Sugar Oil 
  9. Man Plus

Get More Information​

  1. https://www.facebook.com/wonderleafcbdoils/reviews
  2. https://techplanet.today/post/wonder-leaf-cbd-oil-reviews-2022-how-to-use-and-its-pros-and-cons
  3. https://techplanet.today/post/keto-max-science-reviews-2022-how-does-it-work-in-weight-loss
  4. https://techplanet.today/post/keto-max-science-reviews-2022-how-to-use-and-its-pros-and-cons
  5. https://techplanet.today/post/green-roads-cbd-oil-reviews-2022-how-to-use-and-its-pros-and-cons
  6. https://www.facebook.com/Keto-Max-Science-Canada-101759245942823
  7. https://www.facebook.com/Green-Roads-CBD-Oil-101929482569948/
  8. https://techplanet.today/post/beliv-blood-sugar-oil-reviews-2022-how-to-use-and-its-pros-and-cons
  9. https://www.facebook.com/Beliv-Blood-Sugar-Oil-Reviews-2022-101025996022554
  10. https://www.facebook.com/Manplus-107217752061909

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.

You may like to read the following news as well :


Comments

Post a Comment

Popular posts from this blog

Illinois’ COVID-19 case rate, hospitalizations decline

Image
65% of Illinois residents are now considered fully vaccinated Image Source The Illinois Department of Public Health reported 13,798 new confirmed and probable cases of COVID-19 and 12 additional deaths for Friday, Saturday and Sunday combined. IDPH does not update its data dashboard on weekends. For Friday-Sunday, the state administered 29,688 vaccines. From the IDPH’s data dashboard: Case rate per 100,000: 36.4 (-0.2 from Friday) (-0.2 from Friday) Percentage of ICU beds available: 24 percent There were 1,191 COVID-19 patients in the hospital in Illinois as of late Sunday, a decrease of 36 patients compared to Friday. Sixty-six people on ventilators were among the 116 patients in intensive care. By the middle of April, the IDPH will provide a county-by-county update on the case rate per 100,000 people, the percentage of available ICU beds, and an average of COVID-19 diagnoses for hospital admissions and deaths per week over a rolling seven day period. Admission to a hospital with a d...
Read more

Semenax Reviews and Benefits?

Image
  Official Website:  Click Here Overview of  Semenax  Reviews This is a potent substance that helps restore the body's vitality and stamina. It is a potent supplement containing some remarkable elements that increase the body's general functioning. Please describe the product in detail. Here is the best male enhancement supplement, which contains all-natural and beneficial elements for the body, in order to improve the body's degree of health and functionality.  Semenax  is the finest technique to enhance the body's general functioning and reduce sensual health issues. Aging has numerous negative impacts on the body. As a person ages, they experience various sensual health issues and body disorders. There is a considerable likelihood that aged individuals suffer from sensual health difficulties and seek a healthy and efficient remedy. This is a potent substance that helps restore the body's vitality and stamina. It is a potent supplement containing some rem...
Read more

Stanley Cup Playoffs Buzz: Rangers can extend lead in Eastern Final

Image
The Stanley Cup  Playoffs: The buzz is that the Rangers can extend their lead in the Eastern Conference Finals Image Source Tampa Bay Lightning at New York Rangers New York Rangers lead Eastern Conference Finals best-of-seven series 1-0, and hope to extend it in Game 2 at Madison Square Garden on Friday. Game 1 of the series was won by the New York Knicks, who defeated the Toronto Maple Leafs 6-2 on Wednesday. The Rangers trailed 2-0 and 3-2 in each of their first two playoff series against the Pittsburgh Penguins and the Carolina Hurricanes, respectively, after the first game. A record-setting eight-game home playoff winning streak is within reach for the New York Rangers if they win their final game of the series on Sunday. There is nothing new about this situation for the Lightning; since the start of 2020 Stanley Cup Qualifiers, they are 17-0 in playoff games following a loss and 15-5 following a loss during the conference finals/Stanley Cup Semifinals. After dropping Game 1, T...
Read more