The relationship between billionaire Elon Musk and the US legal establishment is escalating.
A few days ago, Musk criticized Biden on Twitter. Many friends thought that Musk was very brave, while some were worried about whether Musk would be sanctioned.
Unexpectedly, not long after that, the SEC officially sued Musk for acquiring Twitter!
Is there any connection between the two?
On October 5, the SEC filed a lawsuit in federal district court, reviewing Elon Musk's statements and disclosures and alleging that Elon Musk violated federal securities laws by acquiring the social media platform Twitter Association (now renamed X) last year.
Previously, the SEC issued a subpoena to Elon Musk in May 2202, requiring the billionaire to testify at the SEC's office in San Francisco.
At first, Elon Musk agreed to the request.
However, two days before the deadline, the CEO denied the allegations and refused to comply with the SEC subpoena.
Why is the relationship between Musk and US regulators so tense?
In addition to the above issues, Elon Musk also rejected the SEC's request for a hearing in Texas in October or November.
It can be seen that the tension between Elon Musk and regulators is not new.
How did they get to this point?
Their disagreement dates back to a 2018 incident involving a tweet the billionaire made about taking his electric car company Tesla private.
At the same time, he confirmed that he had enough money to buy back Tesla.
But after three weeks, he abandoned the plan.
After the incident, Musk had to resign as president of the company and pay a fine.
Since then, Elon Musk has continued to criticize the SEC.
The SEC has also launched several investigations into Musk in the past few years.
It’s worth noting that despite the legal issues, Elon Musk still has ambitious plans for X.
However, the CEO did not clarify whether Twitter’s payment feature would be related to electricity bills or cryptocurrencies, despite previously hinting at a Dogecoin payment option.
Not long ago, Biden criticized Twitter as a "fake news machine", and now Musk is facing prosecution by the SEC over the acquisition of Twitter.
Brother Ming hopes that Musk can withstand the pressure and not mess himself up. After all, Musk is also a supporter of cryptocurrency.
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