đšMusk did not testify in court on the X acquisition case, and the SEC plans to impose sanctions on him!
The latest development is that the U.S. Securities and Exchange Commission (SEC) is planning to impose sanctions on Elon Musk because he failed to appear in court on the original date (September 19, 2024) to provide testimony to financial regulators on the $44 billion X (formerly Twitter) acquisition case.
However, it is worth noting that according to Musk's legal counsel, they have repeatedly requested to reschedule the case and criticized the government regulator's hasty conclusions.
In the end, with the efforts of Elon Musk's legal counsel, the SEC has agreed to reschedule the hearing to October 3, 2024 in Los Angeles, California, and believes that the court's intervention is unnecessary. They explained that Musk's absence from the previous meeting was due to an emergency and had assured the court that he would attend the October meeting.
đ However, in addition to the legal dispute with the SEC, Elon Musk is also facing regulatory scrutiny from all over the world.
In August, the EU's Irish Data Protection Commission filed a lawsuit against social media platform X, accusing it of illegally collecting artificial intelligence data and demanding it stop violating the privacy of European users.
Then, on September 2, the Brazilian Supreme Court unanimously approved the iPhone X ban proposed by Judge Alexandre De Moraes, further restricting Musk's business activities in the country and dashing his hopes of overturning the ban in court.
Recently, Dawn Butler, a member of the British Parliament and a member of the Labour Party, also proposed the idea of ââsummoning Musk to Parliament to testify on the content review policy of the X social media platform, indicating that regulatory pressure on Musk is increasing worldwide.
đŹ Do you think the SEC's sanctions plan against Musk is reasonable? What impact will these regulatory actions have on the entire technology and social media industry?
