Elon Musk scored a significant win against the US SEC as the court rejected the Commission’s request to sanction him.
Elon Musk, the richest man in the world, has won a lawsuit against the US Securities and Exchange Commission (SEC).
This occurred when the court denied the Commission’s plea to impose sanctions on Musk in connection with the $44 billion X purchase agreement.
Elon Musk Wins His Case Against US SEC
A Bloomberg story claims that US District Judge Jacqueline Scott Corley has declined to punish Elon Musk for choosing to witness the launch of one of his rockets rather than attend a hearing with the US SEC.
Since Musk had already agreed to pay the Commission $2,923 to cover the airfare for the three agency lawyers back in December, the judge ruled that there was no need to impose any sanctions.
Corley added that on October 3, the richest man in the world finally appeared before these SEC attorneys to testify about the X deal.
Elon Musk responded to this situation in a humorous X post by saying:
“SEC. The middle word is definitely “Elon’s”, but I can never remember what the other two words stand for.”
In response to Musk’s remark, Billy Markus, the developer of Dogecoin, called the Commission a “displeasing organization.”
Notably, investors in the Dogecoin manipulation lawsuit this week withdrew their appeal against the richest man in the world and Tesla, making this the second judicial battle Musk has won in as many days.
Musk is slated to co-lead the Department of Government Efficiency (D.O.G.E.), thus his legal spat with the SEC may not be his final run-in with the Commission. He will probably be in charge of the Commission’s financial expenditures.
Accordingly, Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple, urged Musk to look into the US SEC’s expenditures. According to Alderoty, the Commission has abused public funds to pay for pointless enforcement operations.
Additionally, Donald Trump Wins Significant Court Case
Donald Trump, the US president-elect, just achieved a significant judicial victory alongside Elon Musk.
The November 26 sentencing hearing for Trump in his hush-money case has been postponed by Judge Juan Merchan.
Before his inauguration on January 20, the judge decided to allow the incoming US president to argue why the conviction should be overturned.
The fact that the incoming president is being sentenced based on a criminal conviction makes this case unique.
The Department of Justice (DOJ) is seeking to conclude the two federal criminal proceedings against Trump, according to a CNBC report earlier this month.
This is consistent with their rule that a serving president cannot be prosecuted.
