Biden Admin Just Threatened Charges Against Elon Musk
Elon Musk, CEO of SpaceX and Tesla, is facing potential legal action from outgoing SEC Chairman Gary Gensler if he does not comply with a financial demand.
The billionaire entrepreneur posted a document on social media with the caption, “Oh Gary, how could you do this to me?” The document revealed that Musk might face charges related to his 2022 acquisition of Twitter, now rebranded as X.
In a letter addressed to Gensler, Alex Spiro, Musk’s attorney, stated that the SEC required Musk to “agree within 48 hours to either accept a monetary payment or face charges on numerous counts.” The lawyer further explained that the issue stemmed from “certain purchases, sales, and disclosures of Twitter shares.”
Spiro also accused the SEC of “harassing Mr. Musk for more than six years” and demanded answers about who initiated these actions. He questioned whether the directive came from Gensler himself or “the White House.”
In response to the allegations, the SEC told The New York Post:
“It is the policy of the SEC to conduct investigations on a confidential basis to preserve the integrity of its investigative process. The SEC therefore does not comment on the existence or nonexistence of a possible investigation.”
Meanwhile, Musk’s financial standing has experienced a dramatic rise following the victory of President-elect Donald Trump over Vice President Kamala Harris — an outcome that reportedly “shocked a CNN panel.”
The discussion of Musk’s wealth and potential governmental role came as he and entrepreneur Vivek Ramaswamy were tapped by Trump to focus on reducing the $36.1 trillion national debt. This initiative included cutting unnecessary federal spending, shrinking the government workforce, and even eliminating entire federal agencies.
CNN analyst Harry Enten highlighted the scale of government waste during a panel discussion:
“Yeah, look, here’s something you don’t know,” Enten said. “How much government waste and just government spending errors, payment errors over the last 20 years? My goodness, gracious, look at that. It’s $2.7 trillion since 2003. How about in the last year? It was $236 billion.”
CNN host Erin Burnett agreed, emphasizing the importance of addressing inefficiencies:
“That’s right. And I understand right, the getting rid of it, fixing it, that’s a separate thing. But just being able to acknowledge that it’s there and putting numbers on it is crucial.”
Turning to Musk’s personal wealth, Enten noted:
“To quote Jackie Wilson, his wealth becomes higher and higher. I mean, my goodness gracious, over the last year and since Election Day, look at these numbers. A year ago, according to Bloomberg’s billionaire index, it was $222 billion. On Election Day, it was $264 billion. Just in the last month, holy Toledo, nearly $100 billion richer Elon Musk is now than he was a month ago. I think it’s $89 billion, as you’re doing the math on your calculator.”
Burnett chimed in, calculating the growth:
“I’m just — yeah, 35% increase. I was just quickly doing that. I was doing the increase. Okay, that’s incredible.”
She added a humorous observation:
“I mean, a return anybody would look for, go ahead and annualize that one. Okay, but this is after a judge again struck down a $100 billion pay package that Musk wanted. I don’t know why I’m laughing. It’s just sort of the numbers become almost, you know—”
“Comical,” Enten interjected.
Burnett continued, “Yes. The vast majority of his wealth, though, he’s got rockets. He’s got — he’s got other things. But it still comes from Tesla, right?”
Enten confirmed:
“Yeah, it absolutely comes from Tesla. And just look at the growth in the Tesla stock over the last year. I mean, my God, look at this, 49% up. Compare that to the baseline, the S&P 500 is only up 32%. And Apple, of course, a great stock, only up 28%. The bottom line is Tesla and big corp, because of Elon Musk, has been a massively successful stock.”
Burnett echoed, “Massively.”