Tesla CEO Elon Musk accused the Securities and Exchange Commission of harassment and of withholding $40 million to Tesla shareholders, adding to long-running tensions between the billionaire and the nation’s top corporate regulator.
Elon Musk participates in a press conference at the Kennedy Space Center, May 27, 2020, in Cape Canaveral, Fla.
Tesla CEO Elon Musk accused the Securities and Exchange Commission Thursday of harassment and of withholding $40 million to Tesla shareholders, adding to long-running tensions between the billionaire and the nation’s top corporate regulator. Tesla and the SEC settled an enforcement action in 2018 that alleged a series of Musk’s tweets about a potential buyout of Tesla amounted to fraud. Musk personally paid $20 million and Tesla paid an additional $20 million.
In a letter to the judge, Musk’s attorney Alex Spiro said the SEC has not given the money to shareholders as promised. He accused the government regulator of conduct that “has gone beyond the pale” and sought a “course correction” from the court. “Simply stated, the SEC has failed to comply with its promise to pay Tesla’s shareholders the $40 million it collected as part of the settlement and purports to be holding for them. Instead, it has been devoting its formidable resources to endless, unfounded investigations into Mr. Musk and Tesla,” the letter said.
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