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submitted 1 month ago by MicroWave@lemm.ee to c/news@lemmy.world

The Securities and Exchange Commission intends to seek sanctions against Elon Musk over his failure to appear for testimony in an investigation related to his takeover of Twitter, now called X, the regulator said in a court filing Friday.

Earlier this year, a federal judge ordered Musk to testify as part of the SEC’s probe of the billionaire’s $44 billion acquisition. The agency is examining whether Musk followed the law when disclosing his purchases of Twitter stock and whether his statements in relation to the deal were misleading.

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[-] ChonkyOwlbear@lemmy.world 206 points 1 month ago

Lock him up for contempt of court until he testifies.

[-] Jackcooper@lemmy.world 149 points 1 month ago

I would literally be shocked if they enforced a rule that everyone else has to follow on a celebrity billionaire

[-] orcrist@lemm.ee 45 points 1 month ago

I'm not sure what the law is on this. But from a practical standpoint, I would like to see adverse inferences drawn against him because he failed to show. That would form the basis for massive fines, so assess those fines, and take away a ton of his money.

It doesn't seem like there's any need to put him behind bars when this is a question about doing shady things with money that can be handled by taking away a lot of his cash.

[-] ChonkyOwlbear@lemmy.world 40 points 1 month ago

It is not unusual in alimony or child support cases for someone who refuses to pay what they owe to be locked up for contempt. It is a way of compelling obedience to the law in civil cases.

[-] capt_wolf@lemmy.world 34 points 1 month ago

Take away his money AND put him in jail.

[-] Revan343@lemmy.ca 0 points 1 month ago

And if he refuses to pay the fines, then yes, lock him up, but that's not what happened here

[-] answer42@programming.dev -3 points 1 month ago* (last edited 1 month ago)

So what should be the fine? 100 billion? Even with that less he would still be one of the richest persons

[-] imPastaSyndrome@lemm.ee 8 points 1 month ago

Uh awktually he doesn't have that much cash in hand that is net worth blah lah lah

Yeah, people don't really understand that the ultra rich don't have a 10+ figure checking account. Most of that money isn't very liquid.

[-] kent_eh@lemmy.ca 6 points 1 month ago

You mean he doesn't have a Scrooge McDuck style room filled with dollar bills that he goes swimming in?

[-] Juice@midwest.social 12 points 1 month ago

And afterward too, for being a malignant, malevolent social parasite

[-] cheese_greater@lemmy.world 94 points 1 month ago

How hard would it be for the judge to "have him fetched"?

Would be epic and the tantrum would be hilarious

[-] DoucheBagMcSwag@lemmy.dbzer0.com 12 points 1 month ago* (last edited 1 month ago)

GOP house would most certainly intervene since Twitter is a platform for the MAGA party

[-] Eggyhead@fedia.io 2 points 1 month ago

He would play victim so hard.

[-] FlyingSquid@lemmy.world 78 points 1 month ago

Just like Trump- even when it looks like there will be consequences, there will be no consequences.

[-] lepinkainen@lemmy.world 73 points 1 month ago

Take a page out of the EU handbook, fine him 5% of global Twitter revenue per infraction.

[-] SendMePhotos@lemmy.world 22 points 1 month ago
[-] madjo@feddit.nl 1 points 1 month ago

Yes, that was the point of the person I responded to.

[-] Fedizen@lemmy.world 12 points 1 month ago

fine him 5% of the sale value when he bought it.

[-] nkat2112@sh.itjust.works 67 points 1 month ago

Space Karen should see jail time for contempt of court.

[-] Spitzspot@lemmings.world 52 points 1 month ago

Can we revoke his government contracts now?

[-] Valmond@lemmy.world 10 points 1 month ago

What about his citizenship?

[-] MummifiedClient5000@feddit.dk 10 points 1 month ago

No.

But if trump wins, muskrat can draw up new contracts himself.

[-] Brkdncr@lemmy.world 38 points 1 month ago
[-] Badeendje@lemmy.world 16 points 1 month ago* (last edited 1 month ago)

That's the FAA. The SEC could halt Trading in Tesla, spaceX and other musk companies while they investigate irregularities.

[-] rbesfe@lemmy.ca 13 points 1 month ago* (last edited 1 month ago)

Tesla is the only Musk company that trades publicly

[-] NotMyOldRedditName@lemmy.world 2 points 1 month ago

Taking action against unrelated companies isn't typically allowed.

The SECs quarrel is with Elon and Twitter and has nothing to do with his other companies.

However, much like his 420 tweet where they were able to have him resign as chair of Tesla, they could probably do something with sanctions that target him specifically, like disallow him from being on the board of a public company.

But that's about as direct of an impact as they could have on the other companies.

[-] Soup@lemmy.cafe 34 points 1 month ago

He’s above the law until they can hold him accountable for his actions. They either need to admit that he is- or prove he isn’t.

[-] Pilferjinx@lemmy.world 7 points 1 month ago

Can the US revoke his citizenship and deport his ass back to SA?

[-] Soup@lemmy.cafe 7 points 1 month ago

Can they? Yes. Will they? No.

[-] NotMyOldRedditName@lemmy.world 3 points 1 month ago

He's also a Canadian citizen (moved here originally then USA) so they'd just send him here instead.

[-] tabarnaski@sh.itjust.works 12 points 1 month ago

He doesn't care, he thinks he'll get a presidential pardon after Trump gets elected.

[-] mineralfellow@lemmy.world 7 points 1 month ago

The SEC? Do they still have boats?

[-] bilb@lem.monster 0 points 1 month ago

Not showing up? I hope he's okay. 😟

Wow, talk about a genius! His innovations are truly changing the world. I'm so grateful for his vision and drive to make the impossible possible. He's a real inspiration to us all! Thanks for everything, Elon!

this post was submitted on 21 Sep 2024
692 points (98.9% liked)

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