In a recent report, Elon Musk, the chief executive officer of X (a social media platform initially known as Twitter), condemned the United States Department of Justice and the Securities and Exchange Commission for their extensive probe into his purchase of Twitter, claiming they are trespassing their authority jurisdiction for personal and political favors.
The report revealed that prior to Elon Musk’s assertions, the US SEC had filed a Subpoena against him requesting him to give testimony regarding his Twitter acquisition, which he paid a whopping $44 billion for last year. However, Musk refused to honor the Subpoena, which fueled the commission to file a court case against him.
According to the report, the SEC sued Musk on Thursday in a California District Court to compel him to oblige to the previous Subpoena. The commission stated in the lawsuit that it is possible that Musk could have breached securities laws while making the purchase, and hence, they seek to coerce him to honor the subpoena.
Musk Object To SEC’s Subpoena
However, shortly after the SEC filed the lawsuit, the Twitter CEO clamored for a comprehensive overhaul of the commission via a post on X (Twitter). He stated in the post that the SEC, as well as the United States Department of Justice, should be probed instead of him. Furthermore, he said an agency that takes disciplinary actions against individuals who misuse their regulatory authority for political or personal purposes.
In addition, the CEO expressed his eagerness to see such punitive actions taken against government bodies that abuse their power; also, he posted many measures the US regulators had brought against companies related to Musk. Also, when asked on Twitter about the possibility of such a probe to be launched against government agencies, Musk said he believed 100%.
According to the SEC’s filing, in May, the SEC subpoenaed Elon Musk to issue a testament concerning his purchase of Twitter via the San Francisco office of the commission by September 15. Musk reportedly agreed to obey the summons as of then. However, two days before the arranged time, Musk allegedly reached out to the commission, claiming that he wouldn’t be obliging the subpoena and stating numerous objections.
Twitter CEO Disregards The SEC
In addition, the regulator claimed that it sought to arrive at common ground with Musk in terms of picking a new date, giving him a chance to give his testimony in good faith. However, Musk reportedly faced the commission’s efforts with blanket refusal. Also, the SEC claimed that the objections presented by Musk do not have legal merit and that he has no justifiable reason not to comply with the commission’s subpoena.
Meanwhile, X, initially called Twitter, which Elon Musk owns, is one of the leading social media platforms with high engagement in crypto-related topics. Furthermore, reports revealed that Musk plans to incorporate crypto payment on X, and in alignment, it has gotten a currency transmitter license from the financial regulator of Rhode Island.
Also, the report revealed that the Twitter CEO has not been quiet about his disregard for the US SEC. In December 2018, Elon Musk reportedly stated in a 60-minute interview that he does not respect the United States Securities and exchange commission.
Musk Calls Fiat Currency A Scam
Meanwhile, in another report, Musk reclaimed his disregard for fiat currency, claiming in a post that they are a scam. While replying to a post on X about normalized scams, he stated that a typical normalized scam is the fiat currency, which has become unreliable.
Prior to his recent criticism, a report showed that in 2021, at a Bitcoin-oriented seminar, Musk stated that crypto is more balanced than fiat, declaring his support for Bitcoin and other crypto-related products and services. Buttressing his point, he argued that Bitcoin is a decentralized token with a restricted supply of 21 million tokens. Also, he pointed out that no central body does not control it but instead is based on algorithms, making it independent of inflationary protocols.
On the contrary, he stated that fiat currency is majorly controlled by the central bank of a nation, which dictates the quantity of fiat notes to be reprinted. Consequently, if fewer notes are printed, there would be deflation, and if excess notes are printed, there would be inflation. Hence, Elon Musk argued that fiat currency is a government-backed scam.
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