The U.S. Securities and Exchange Commission (SEC) has issued a 48 hour settlement demand for Elon Musk.
Musk later shared a letter to SEC Chair, Gary Gensler from his lawyer Spiro on X. Along with; “Oh Gary, how could you do this to me?” featuring an emoji of a face holding back tears.
The letter revealed that the SEC had given Musk a 48-hour settlement deadline to either accept a fine or face charges over his takeover of Twitter. Musk’s lawyer, Alex Spiro on Thursday, stated that Musk is to agree to a settlement “or “face charges on numerous counts” regarding “Certain Purchases, Sales and Disclosures of Twitter Shares.”
The SEC has been conducting investigations into Musk and his 2022 Twitter takeover. The SEC alleges that Musk, or someone he worked with may have commited securities fraud in the sale of Tesla shares ahead of the buyout.
The SEC has also reopened an investigation into Neuralink, Elon Musk’s brain-chip startup.
If an agreement between the SEC and Musk cannot be reached, charges would not necessarily follow as a next step.
By CEO NA Editorial Staff
