Official announcements from the SEC or White House

Elon Musk Rejects SEC Settlement, Faces Charges Over Twitter Acquisition Amid Neuralink Probe

Dec 13, 2024, 11:00 AM

Elon Musk has escalated his ongoing feud with the U.S. Securities and Exchange Commission (SEC) by disclosing a letter from his attorney, Alex Spiro, which alleges that the SEC has reopened an investigation into Neuralink, Musk's brain-computer interface company. The letter also reveals that the SEC issued a 'settlement demand' to Musk, requiring him to agree to a monetary payment within 48 hours or face charges on multiple counts related to his acquisition of Twitter, now known as X. Spiro accused the SEC of engaging in a 'misguided scheme' and an 'improperly motivated campaign' against Musk, suggesting potential involvement from the White House. The SEC's actions come after a history of disputes with Musk, including a 2018 settlement over his tweets about taking Tesla private. Musk has expressed his disdain for the SEC, and the agency's recent moves have reignited tensions, especially as Musk has become a significant political donor and is expected to gain influence under the incoming Trump administration. Spiro was subpoenaed by the SEC but refused to comply, and the SEC Chair, Gary Gensler, is set to resign when President-elect Donald Trump takes office.