The acting chair of the United States Securities and Exchange Commission has reportedly voted against the agency suing Elon Musk over the billionaire’s alleged securities violations concerning the disclosure of Twitter stocks. Citing anonymous sources, Reuters reported on March 24 that the SEC’s five commissioners conducted a vote on whether to sue Musk or not before the agency filed its lawsuit against the billionaire. Four commissioners voted in favor, while the lone dissent came from Mark Uyeda, who was appointed acting chair by US President Donald Trump on Jan.20.
Meanwhile, Musk described the SEC as a “totally broken organization” on X, saying that so many “actual crimes” go unpunished. Around a month after the lawsuit was filed, the Department of Government Efficiency (DOGE), a US government agency led by Musk, set its sights on the SEC.On Feb.17, a page affiliated with DOGE called the public to disclose any “waste, fraud and abuse” related to the SEC.
Since then, the SEC has been investigating whether Musk had violated any securities laws as he acquired the platform. The SEC filed the lawsuit on Jan.14, alleging that Musk failed to disclose his purchase of Twitter shares within the required 10-day window after surpassing the 5% ownership threshold.
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Author / Journalist: Cointelegraph by Ezra Reguerra
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