Elon Musk has at least one more battle to wage against Securities and Exchange Commission Chair Gary Gensler, who will be leaving the agency when President-elect Trump takes over in January.
Musk yesterday posted a copy of a letter sent to Gensler by Musk’s attorney, Alex Spiro. The letter dated December 12 says the SEC issued a settlement demand in its investigation into whether Musk violated federal securities laws in connection with 2022 purchases of Twitter stock, and that the SEC is investigating Neuralink. The Spiro letter said:
Yesterday the Commission Staff issued a settlement demand that required Mr. Musk agree within 48 hours to either accept a monetary payment or face charges on numerous counts. They indicated that this demand was the result of a directive from their superiors and that charges would be brought imminently unless Mr. Musk acquiesced. This demand follows a multi-year investigation and more than six years of harassment of Mr. Musk by the Commission and its Staff. More recently, the Staff subpoenaed me, Mr. Musk’s attorney, for testimony and threatened to send a process server if I did not immediately cooperate. I categorically refused. This week, the Commission has also reopened an investigation into Neuralink.
Spiro accused the SEC of “an improperly motivated campaign” against Musk, his companies, and people associated with him. “We demand to know who directed these actions—whether it was you or the White House,” Spiro wrote. “These tactics and misguided scheme will not intimidate us. We reserve all rights.”