Elon Musk: Regulators urgently need comprehensive reform as subsidiaries face intensive investigations by the Department of Justice and SEC

Since August, Tesla, Twitter, and SpaceX have been under investigation by the Department of Justice and the SEC. Now, Musk is also facing accusations from the SEC for refusing to comply with a subpoena. The Twitter community is starting to question whether such frequent accusations are politically motivated persecution. Musk, on the other hand, is calling for comprehensive reform within these government agencies.

SEC: Musk Fails to Comply with Subpoena

According to legal documents, SEC lawyers have filed several accusations against Elon Musk for refusing to comply with a subpoena:

• Musk failed to appear for testimony as ordered by the subpoena on September 15, 2023.

• Musk's refusal to comply with the administrative subpoena has delayed and obstructed the SEC's investigation into whether the acquisition violated securities laws.

• SEC attempted to accommodate Musk by scheduling a meeting at their Fort Worth, Texas office closest to Musk's residence, but their goodwill gesture was rejected.

Musk's Lawyer: Subpoena is SEC's Harassment Tactic

According to CNBC, Musk's lawyer, Alex Spiro, stated that the SEC has already heard Musk's testimony multiple times in this misleading investigation, which should suffice.

Regarding Musk's belief that the SEC is harassing him through the subpoena, the SEC countered that Musk is simply trying to justify his non-compliance with the subpoena.

Musk's Companies Under Intense Scrutiny

IBC CEO Mario Nawfal tweeted a list of allegations Musk's related companies have faced since August, suggesting it is another instance of political persecution against Musk:

1. Tesla: SEC alleges Tesla's "Project 42" built a glass house as Musk's residence.

2. X/Twitter: Twitter was fined for refusing to hand over Trump's tweet data to the Biden administration.

3. SpaceX: Faces DOJ lawsuit alleging discriminatory hiring practices against refugees and asylees.

Musk: Regulatory Agencies Urgently Need Comprehensive Reform

In response to the third point above, Mario Nawfal pointed out that the U.S. Department of Justice employs the fewest non-U.S. permanent residents, questioning why these charges coincidentally arose after Musk's Twitter acquisition and his fight for free speech?

Musk responded:

The U.S. urgently needs comprehensive reform of these agencies, establishing special committees to take action against those abusing regulatory power for personal and political gain. I can't wait for all of this to happen.

In another response, Musk stated:

The results of a comprehensive reform of these agencies would be quite astonishing, including certain individuals from the past and present within these agencies whose scandals, once exposed, would surely shock you.