The government agency sued the tech mogul Tuesday for failing to disclose his purchase of 5 percent of Twitter shares in March 2022 in a timely manner, allowing him to buy the shares at artificially low prices. In its lawsuit, the SEC said that Musk underpaid for the stock and cheated investors by at least $150 million.
Musk, as expected, spent Tuesday night and Wednesday morning complaining about the SEC decision on his X (formerly Twitter) account, agreeing with his fans attacking the agency, calling the SEC a “totally broken organization,” and posting that the lawsuit is the “last gasp of Biden lawfare.”
Musk’s “Department of Government Efficiency” project could very easily target the SEC for massive cuts to ensure that he and his fellow billionaires can continue to get away with these types of financial crimes. After all, what’s the point of having the president in your pocket if he doesn’t protect you from being held accountable under the law?
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