Tesla CEO Elon Musk accused the Securities and Exchange Commission of harassment and of withholding $40 million to Tesla shareholders, adding to long-running tensions between the billionaire and the nation’s top corporate regulator.
Elon Musk participates in a press conference at the Kennedy Space Center, May 27, 2020, in Cape Canaveral, Fla.
Tesla CEO Elon Musk accused the Securities and Exchange Commission Thursday of harassment and of withholding $40 million to Tesla shareholders, adding to long-running tensions between the billionaire and the nation’s top corporate regulator. Tesla and the SEC settled an enforcement action in 2018 that alleged a series of Musk’s tweets about a potential buyout of Tesla amounted to fraud. Musk personally paid $20 million and Tesla paid an additional $20 million.
In a letter to the judge, Musk’s attorney Alex Spiro said the SEC has not given the money to shareholders as promised. He accused the government regulator of conduct that “has gone beyond the pale” and sought a “course correction” from the court. “Simply stated, the SEC has failed to comply with its promise to pay Tesla’s shareholders the $40 million it collected as part of the settlement and purports to be holding for them. Instead, it has been devoting its formidable resources to endless, unfounded investigations into Mr. Musk and Tesla,” the letter said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla Tells Federal Judge That SEC Is Harassing Elon Musk, TeslaElon Musk's lawyers complained to a federal judge that the SEC is harassing their client and hasn't distributed $40 million in fines from a 2018 settlement
Read more »
Elon Musk, Tesla attack SEC for 'unrelenting' harassmentThis escalates Musk's battle with regulators as they scrutinize his social media posts and Tesla's treatment of workers, including accusations of discrimination.
Read more »
Elon Musk, Tesla accuse SEC of 'weaponizing' 2018 settlement for 'unrelenting' investigationsThe settlement against Elon Musk was reached to resolve securities fraud charges for a tweet in which he claimed he had 'funding secured' to take Tesla private at $420 per share.
Read more »
Tesla & Elon Musk Got Free Advertising In The Super BowlTesla and Elon Musk kind of got some free advertising in the Super Bowl last night. If you think about it, companies
Read more »
Elon Musk Calls NHTSA The 'Fun Police' Over Tesla Boombox Recall | CarscoopsElon Musk Calls NHTSA The 'Fun Police' Over Tesla Boombox Recall | Carscoops carscoops
Read more »
Tesla CEO Musk accuses SEC of calculated effort to 'chill' his right to free speech
Read more »