Elon Musk: The Law Doesn't Apply to Me, Apparently

Original Article

Elon Musk sued by US government for allegedly failing to disclose Twitter stock ownership https://www.independent.co.uk/news/elon-musk-ap-twitter-sec-b2679763.html

In yet another chapter of Elon Musk's saga of thinking he's above the law, the U.S. Securities and Exchange Commission (SEC) has decided to slap him with a lawsuit. Why? Because Musk allegedly thought the rules about disclosing stock ownership were just suggestions.

Associated Press

Back in 2022, Musk, in his infinite wisdom, decided not to tell anyone about his growing stake in Twitter until he had amassed a hefty 9.2% of the company. By law, you're supposed to disclose when you go over 5%, within ten days. But no, Musk waited 11 days, conveniently allowing him to buy shares at a lower price before the market caught wind of his involvement. This little delay might have saved him over $150 million, but at what cost to transparency and fairness in the market?

The SEC isn't playing nice this time, filing the lawsuit just days before the Trump administration takes over, suggesting they might see a friendlier face in the new regime. Musk's response? His lawyer, Alex Spiro, called the lawsuit a "ticky tak complaint," implying it's just a minor inconvenience for a man used to bending the rules.

This isn't Musk's first rodeo with the SEC either. The man has a history of treating SEC regulations like they're optional guidelines, from tweeting about taking Tesla private with "funding secured" to missing court-ordered testimony. It's clear Musk believes he's a maverick, unbound by the same rules that govern mere mortals.

But here's the thing: when you're playing with billions and influencing markets, your actions have consequences. Twitter shareholders are already up in arms, claiming they were defrauded by Musk's delay in disclosure. And now, with the SEC stepping in, we're seeing yet another example of Musk's hubris meeting reality.

Elon Musk's latest legal tussle isn't just about missed deadlines; it's about the principle that no one, not even the richest man on Earth, should be above the law. But will this lawsuit change Musk's behavior? Don't hold your breath. This is the same guy who once said he doesn't respect the SEC. So, we can expect more legal battles, more fines, and more of Musk's "I do what I want" attitude.

In the end, it's not just about Musk; it's about protecting the integrity of our financial systems from those who think they can play by their own rules.