"The SEC now wants to attack Elon Musk."
Without realizing it, billionaire Elon Musk found himself also involved in an investigation by the Securities and Exchange Commission (SEC) of the United States (US) which is increasingly fond of targeting the cryptocurrency market.
The investigation is about the 2022 acquisition of Twitter which is now rebranded as X, where the SEC is looking into whether Musk violated federal securities laws during his stock purchase.
Later, the SEC also wants to obtain testimony from Musk that aims to gather information about the legal investigation that it does not yet have.
The string, a subpoena* issued to Musk in May 2023 required his presence at the SEC's San Francisco office, but he apparently protested and refused to comply with the US regulator's request.
*An order ordering someone to attend court
But it should be noted that the tension between Musk and the regulatory body is not new, following their dispute that dates back to a 2018 incident involving his tweet about taking his electric car company Tesla personally.
However, Musk's lawyer, Alex Spiro, has criticized the SEC's ongoing investigation after the billionaire has provided enough evidence.
Despite the legal turmoil, Musk has not shied away from revealing his plans for the X where he intends to implement a significant user interface platform and overhaul in the future.
