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Elon Musk Fights with the SEC, a Judge and the Government

Elon Musk Fights with the SEC, a Judge and the Government

The US government is now in a ongoing feud with Super Star inventor Elon Musk who had until Monday to explain why he should not be held in contempt of court over a February 19 tweet, which violated and earlier settlement with the Securities and Exchange Commission. This guy continues to be the bad boy who founded Pay Pal, Tesla and a space company that is planning to send rockets, not to the Moon but to Mars. Still, he is being told he is in contempt of court but his lawyers disagree, arguing that the tweets do in fact comply with the SEC settlement terms.

Last September, the SEC sued Musk for a separate tweet on 7 August in which he claimed that Tesla had secured funding that was needed to take the car manufacturer private at $420 per share. This sent shock waves through the global equity markets as owners of companies do not discuss buying or selling shares, or going public or private – it is just not done as these people have such a loud voice that can have shocking impact on the stocks of these companies.

We know that Mr Musk is a cowboy who shocked his board of directors by smoking pot on a live podcast in California, again something that the board members of large corporations, at least the normal ones, never do. However, Mr Musk is far from normal when he speaks to the public and lives his lifestyle. His lawyers are now saying that the SEC is upset because Mr Musk, while on 60 Minutes, a very popular news magazine (on TV), verbally attacked the commission for their aggressive behavior. This disagreement will likely continue as there will be another day in court.

Many experts and lawyers are now saying that the unpredictable Musk will keep talking until he talks himself into jail. He claims that he is only exercising his freedom of speech and that he has not done anything wrong. He has a point.

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Disclaimer: We do not provide investment advice or strategies, this article is not intended as such but only to provide you the reader with information. Please conduct your own research before any investment of any kind.

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