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Biden’s SEC Files Lawsuit against Elon Musk

The lawsuit claims that for 11 days Musk failed to file a proper notice with the SEC that he had acquired a major stake in Twitter. The SEC claims that Musk was able, as a result, to benefit from “artificially low prices” as he bought more stock in the company

On Wednesday, a day after the filing, President Biden used his farewell address to take a clear swipe at Elon Musk, warning of the emergence of a “tech-industrial complex” in the US

Biden’s SEC Files Lawsuit against Elon Musk Image Credit: Chesnot / Contributor / Getty Images
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The Securities and Exchange Commission has filed a lawsuit against Elon Musk over his purchase of Twitter in 2022, claiming that he purchased stock in the company at “artificially low prices.”

The lawsuit claims that for 11 days Musk failed to file a proper notice with the SEC that he had acquired a major stake in Twitter. The SEC claims that Musk was able, as a result, to benefit from “artificially low prices” as he bought more stock in the company.

“In total, Musk underpaid Twitter investors by more than $150 million for his purchases of Twitter common stock during this period,” the SEC said in its complaint.

“Investors who sold Twitter common stock during this period did so at artificially low prices and thus suffered substantial economic harm.”

Musk officially closed the deal to purchase Twitter in October 2022, at a cost of $54.20 per share or $44 billion in total.

On Wednesday, a day after the filing, President Biden used his farewell address to take a clear swipe at Elon Musk, warning of the emergence of a “tech-industrial complex” in the US that threatens Americans’ “basic rights and freedoms.”

“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that really threatens our entire democracy, our basic rights and freedom and a fair shot for everyone to get ahead,” Biden said from the Oval Office.

Although Biden didn’t name any specific individuals, it’s clear that he was referring to Elon Musk, the world’s richest man, whose monetary and technological support has played an invaluable role in returning Donald Trump to the White House.

Musk spent over $250 million in support of Trump’s campaign.

President Biden directly referenced Eisenhower’s farewell address from 1961, in which he warned about the growing power of the “military-industrial complex.”

“Six decades later, I’m equally concerned about the potential rise of a tech industrial complex. It could pose real dangers for our country as well. Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power,” he said.

“The free press is crumbling. Pillars are disappearing. Social media is giving up on fact checking.”


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