Elon Musk Offers USD 2,923 Reimbursement After Skipping SEC September Meeting for SpaceX Rocket Launch, Commission Says Not Sufficient: Report
Elon Musk reportedly offered USD 2,923 to US SEC for missed meeting in September 2024 with three lawyers as he was busy attending SpaceX rocket launch. However, the commission said that it was not sufficient and Musk needed to be accountable for his actions.
Washington, October 26: The US Securities and Exchange Commission reportedly said that Elon Musk's offer to pay USD 2,923 was not enough for standing up three agency lawyers in an investigation about his acquisition of Twitter in 2022. The US SEC sought information about Musk's investment before the 2022 Twitter acquisition.
According to a report by CNBC18, the US SEC had lawyers at Los Angeles to question Elon Musk about his acquisition of the social media platform. However, Musk was off attending a SpaceX rocket launch event. However, he met with the SEC lawyers to give his testimony to the court on October 3, 2024. The commission said in a court filing that a judge should formally sanction Elon Musk to make him realise that it was not a trivial matter. Elon Musk’s America PAC Announces Two More Voters Marie From Nevada and Shannon From Pennsylvania Receiving USD 1 Million Reward.
The US Securities and Exchange Commission sought information on Elon Musk's purchases of Twitter and statements showing his investments before spending USD 44 billion to take over the social media platform X (previously known as Twitter). Addressing the conduct, the SEC said that merely reimbursing the lawyers' travel costs would not serve as a real "deterrent" for many, considering the violation of the legal order.
To compensate for the inconvenience, billionaire Elon Musk's lawyer said that the options of US District Judge Jacqueline Scott Corley were limited as he offered to pay USD 2,923 for reimbursement. Judge Corley repeatedly ordered Musk to cooperate with the agency. Earlier, Tesla and SpaceX CEOs participated in two rounds of interviews. However, he reportedly refused to participate this third time before finally meeting with SEC lawyers and giving testimony on October 3, 2024. Satya Nadella Pay Package Hiked to 63% Amid Rise in Stock, Microsoft CEO To Take Home INR 665 Crore: Reports.
Elon Musk's lawyer, Alex Spiro, said that he found it dubious if the court could consider a request for sanctions given to Musk's agreement to offer the relief needed by the agency. On the other hand, the commission argued that Elon Musk needed to be held accountable for skipping the scheduled deposition in September.
(The above story first appeared on LatestLY on Oct 26, 2024 05:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).