{"id":18901,"date":"2025-03-25T06:47:00","date_gmt":"2025-03-25T06:47:00","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=18901"},"modified":"2025-03-25T06:47:00","modified_gmt":"2025-03-25T06:47:00","slug":"secs-musk-lawsuit-vote-mark-uyeda-opposed-peirce-among-four-in-favor","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=18901","title":{"rendered":"SEC\u2019s Musk Lawsuit Vote: Mark Uyeda Opposed, Peirce Among Four in Favor"},"content":{"rendered":"
\n

In a last-minute move before Republicans took control of the US Securities and Exchange Commission (SEC) in January, the agency\u2019s commissioners held a decisive vote on whether to sue Tesla CEO Elon Musk over his delayed disclosure of stock purchases in Twitter, now X.<\/p>\n

The investigation, which had been ongoing since 2022, focused on Musk\u2019s failure to report his acquisition of more than 5% of X\u2019s shares within the legally required 10-day window. Musk, who ultimately completed his $44 billion purchase of the company in 2022, disclosed his stake only after 21 days. This allowed him to buy additional shares at a lower price, which, according to the SEC, saved him $150 million.<\/p>\n

SEC Commissioners Split on Musk Lawsuit<\/h2>\n

Reuters\u2019 latest report<\/a> revealed that four of the five commissioners voted to move forward with the lawsuit, which included Republican Hester Peirce. The lone dissent came from Republican Mark Uyeda, who would soon take over as acting SEC chair.<\/p>\n

Uyeda\u2019s opposition stemmed from concerns over the political implications of the case, as Musk, a prominent backer of US President Donald Trump, has been a lightning rod for partisan debate. Reports indicated that Uyeda pressed SEC enforcement staff to sign a pledge stating that political motivations were not behind the case, but the staff refused and cited the SEC\u2019s standard procedures.<\/p>\n

Despite these concerns, Peirce and the three Democratic commissioners voted in favor of bringing the lawsuit against Musk, and the SEC filed the complaint on January 14, just days before the leadership shift. The case centers on Musk\u2019s alleged violation of securities laws, which require investors to disclose a stake of more than 5% in a company within 10 days.<\/p>\n

The SEC\u2019s complaint argues that Musk\u2019s late disclosure gave him an unfair advantage in acquiring more shares at a lower price and benefited him financially at the expense of other investors.<\/p>\n

Musk, for his part, has denied any wrongdoing while claiming that his delay was due to a misunderstanding of the SEC\u2019s disclosure rules. Investigators, however, explored whether his late filing was intentional, a question that complicated the case and led to delays.<\/p>\n

Additionally, Musk\u2019s refusal to participate in a third round of interviews in 2022 further extended the investigation, which forced the SEC to seek a court order to compel his testimony. While Musk was eventually deposed in October 2024, the matter remained unresolved heading into the 2024 election, leaving the SEC\u2019s handling of the case a politically charged issue.<\/p>\n

Criticism Intensifies Over Musk\u2019s Influence on DOGE<\/h2>\n

As the head of the Department of Government Efficiency, Elon Musk\u2019s role in reducing federal staffing and budgets has drawn criticism and has fueled the \u201cTesla Takedown\u201d movement. In its fifth week, the protests have spread to nearly 90 Tesla showrooms nationwide.<\/p>\n

Organizers urge people to \u201csell your Teslas\u201d and \u201cdump your stock<\/a>\u201d to hold Musk accountable for his actions.<\/p>\n

The post SEC\u2019s Musk Lawsuit Vote: Mark Uyeda Opposed, Peirce Among Four in Favor<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In a last-minute move before Republicans took control of the US Securities and Exchange Commission (SEC) in January, the agency\u2019s commissioners held a decisive vote on whether to sue Tesla CEO Elon Musk over his delayed disclosure of stock purchases in Twitter, now X. The investigation, which had been ongoing since 2022, focused on Musk\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-18901","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/18901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18901"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/18901\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}