Skip to main content

As expected, a federal judge was not particularly impressed by Elon Musk’s sophisticated “the SEC are a bunch of meanies and I hate them” legal argument.

[U.S. District Judge Alison Nathan] said that Musk -- if he wanted to challenge a subpoena by the SEC -- would need to “have a non-frivolous basis” to do so and could file a motion to quash a subpoena, with a briefing to request “specific relief from the Court.”

On Musk’s allegation that the SEC had leaked information about a federal investigation to an un-named entity, the judge noted that his attorney’s letter to the court did not “contain specific facts or legal authority to justify” a request for “on-the-record assurance that the Commission has not leaked investigative details.”

And, so fortified, Gary Gensler & co. aren’t being shy about making the Tesla chief feel ever more harassed and aggrieved.

The Securities and Exchange Commission is investigating whether recent stock sales by Tesla Inc. Chief Executive Elon Musk and his brother, Kimbal Musk, violated insider-trading rules, according to people familiar with the matter…. Kimbal Musk sold 88,500 shares one day before the Tesla CEO tweeted about the potential sales of his own. The company’s shares fell sharply in the wake of Mr. Musk’s poll—58% of voters said he should sell—indicating the tweet was viewed as negative news.

SEC Probes Trading by Elon Musk and Brother in Wake of Tesla CEO’s Sales [WSJ]
Judge rejects Tesla CEO Elon Musk’s attempt to bring SEC before the court [CNBC]

For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.



Apparently With Nothing Better To Do, SEC Launches Another Pointless Elon Musk Investigation

This is a dumb investigation and a waste of taxpayer money for a number of reasons.

This is just the appetizer.

Elon Musks Asks Judge To Let Him Ignore SEC Settlement That He’s Been Ignoring Anyway

Any other outcome would amount to intolerable persecution of a billionaire.


Elon Musk Versus The SEC Is Getting Stupider

We’re at the “seeing what sticks” portion of Tesla’s bid to get out from under the deal it signed and has never lived up to.

Elon Musk Smoking

Elon Musk Asks Court To Allow SEC To Force Him Out As Tesla CEO

That’s probably not what he thinks he’s asking for, but it is.

Quit hiding behind the bench. By Phil Roeder (Flickr: Supreme Court of the United States) [CC BY 2.0], via Wikimedia Commons

Supreme Court May Get The SEC Off Elon Musk’s Case

Someone else is doing a better job of fighting regulator-mandated speech restrictions than the world’s richest man.

twitter login

Actually Twitter’s Pretty Happy To Not Be Owned By Elon Musk

If there were any doubt about it, here’s a poison pill the company’s got between its teeth, ready to bite down should Musk place any large orders.

elon time

SEC Might Finally Have To Do Something About Elon Musk’s Tweets

Having been shown for fools for more than three years, the regulator might have to do something more than shake its head and take the Tesla chief at his word.