Billionaire Elon Musk appears to have revealed that the Securities and Exchange Commission issued him a “settlement demand,” sharing the news in a post on his social media platform, X.
Musk on Thursday evening posted what appears to be a letter from his attorney addressed to SEC Chair Gary Gensler responding to a settlement offer by the federal agency related to its investigation into his $44 billion takeover of Twitter, which Musk later renamed X.
According to the letter Musk shared, the SEC is demanding that he agree to an undisclosed fine to settle charges related to his purchase of Twitter, or “face charges on numerous counts.”
Musk, perhaps feeling emboldened by his deep ties to President-elect Donald Trump and the incoming administration, mocked the idea, sharing an image of his lawyer’s response to the SEC on X and writing, “Oh Gary, how could you do this to me?”
The letter also revealed that Musk’s lawyer was subpoenaed for testimony by the SEC — and that the federal agency had reopened an investigation into another of Musk’s companies, Neuralink.
In the letter Musk posted, his lawyer wrote, “This series of events makes clear that the commission is not motivated to seek the truth but instead is engaged in an improperly motivated campaign against Mr. Musk and the individuals and companies associated with him.”
Tesla CEO Elon Musk, Co-Chair of the newly announced Department of Government Efficiency (DOGE), arrives on Capitol Hill on Dec. 5, 2024 in Washington, DC.
Anna Moneymaker/Getty Images
The attorney also demanded to know “who directed these actions — whether it was you or the White House.”
“This tactics and misguided schemes will not intimidate us,” Musk’s lawyer wrote.
SEC representatives did not respond to a request for comment from ABC News.
Musk is likely to soon be in a much more favorable position with the SEC, as the billionaire has emerged as one of Trump’s closest advisers and is deeply involved in the incoming president’s transition.
To run the SEC in his new administration, Trump has picked Patomak Global Partners CEO Paul Atkins, who is expected to be more business-friendly — as well as more crypto-friendly — than the current SEC leadership.
Following the election last month, Trump announced that Musk and fellow billionaire Vivek Ramaswamy will lead a newly formed Department of Government Efficiency advisory panel in his new administration.
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