The U.S. Securities and Exchange Commission (SEC) has again found itself in a disagreement with Elon Musk, this time regarding his late disclosure of Twitter stock buys. Although the SEC has charged Musk with disclosure law violations and potentially having saved about $150 million, there was one commissioner who opposed the lawsuit—Acting Chair Mark Uyeda.
Uyeda, a commissioner appointed by Trump, was the sole dissenting vote, with the other four commissioners, including Hester Peirce, voting in approval of the lawsuit. The case centers on Musk’s not disclosing when he purchased more than 5% of the shares of Twitter, as the law mandates.
In turn, Musk has launched a counterattack, labeling the SEC a “broken organization” and vowing to reveal what he terms its “fraud and inefficiency.” This is not the first time Musk has been at odds with the agency; his previous court fights over Tesla tweets and stock-related controversies have made headlines.
With Uyeda’s dissent bringing to the fore internal dissensions in the SEC, the case has the potential to exacerbate tensions between regulators and one of the most powerful tech visionaries in the world. Only time will tell if Musk’s counterattack will result in meaningful scrutiny of the SEC.
Catch up with us for more information on this ever-evolving feud between Musk and the SEC.
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