Alex Spiro Blasts The SEC’s “Improperly Motivated Campaign” Against Elon Musk, Demands To Know Who Is Guiding The Agency’s Actions

This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.

In what can only be described as a dramatic escalation in the ongoing high-stakes one-upmanship between Elon Musk and the SEC, Alex Spiro - the attorney of the CEO of Tesla - has penned a harshly critical letter to the agency's current chair, Gary Gensler, rejecting an offer to settle charges and demanding the disclosure of the hidden hands directing the agency's supposed anti-Musk agenda.

For the benefit of those who might not be aware, the SEC has been probing Elon Musk's inordinate delay in disclosing his initial material stake in the then publicly listed Twitter.

As we had noted at the time, Elon Musk only disclosed his initial 9.2 percent stake in Twitter on the 04th of April 2022 – around ten days after having exceeded the mandatory public disclosure threshold of 5 percent. Bear in mind that the Hart-Scott-Rodino Act mandates prompt disclosure - typically within ten days - when any person or entity acquires a stake of at least 5 percent in a public company.

In May 2024, Elon Musk agreed to testify in the SEC's ongoing investigation but ultimately did not comply with the agency's deposition request, prompting the SEC to seek sanctions against the CEO of Tesla in a San Francisco federal court.

Meanwhile, Elon Musk recently asked the US Supreme Court to undo an earlier agreement with the SEC, whereby the CEO of Tesla was mandated to get his X/Twitter posts pre-approved by a designated "Twitter sitter."

Oh Gary, how could you do this to me? 🥹 pic.twitter.com/OoooQI77ZS

— Elon Musk (@elonmusk) December 12, 2024

This brings us to the crux of the matter. Just moments ago, Elon Musk publicly disclosed a letter written by his attorney, Alex Spiro, to Gary Gensler, revealing:

1. The SEC has demanded that Elon Musk agree to a settlement offer within 48 hours or face "charges on numerous counts."
2. This demand for a settlement is reportedly being spearheaded by the agency "superiors."
3. Alex Spiro himself was recently subpoenaed by the agency staff, who threatened to send a process server in case of non-compliance.
4. The SEC has now opened an investigation into Neuralink.
5. The letter ends with a demand to know who is spearheading these actions against Elon Musk.

Now, we wait with bated breath for the SEC's response to Elon Musk's latest salvo. Meanwhile, the drama continues.