Official SEC announcements or court documents

Elon Musk Slams SEC Over 48-Hour Settlement Demand and Neuralink Probe

Dec 13, 2024, 10:15 AM

Elon Musk has publicly criticized the U.S. Securities and Exchange Commission (SEC) for what he describes as political harassment following a series of actions against him and his companies. Musk revealed that the SEC issued a 'settlement demand' related to his acquisition of Twitter, now known as X, in 2022, demanding he pay a fine or face charges on multiple counts. This demand follows a multi-year investigation into Musk's stock transactions and disclosures related to Twitter, with a 48-hour deadline to respond. Additionally, Musk's lawyer, Alex Spiro, disclosed that the SEC has reopened an investigation into Neuralink, Musk's brain-computer interface company, without specifying the nature of the charges. Musk has accused the SEC of being a 'weaponized institution doing political dirty work,' suggesting political motivations behind the regulatory actions. The SEC has not confirmed these allegations but maintains its policy of conducting investigations confidentially. This latest confrontation adds to Musk's long-standing feud with the SEC, which includes previous fines and legal battles over his social media posts and corporate governance, including a $20 million fine related to Tesla.