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SEC Case Against Elon Musk Called Weak and Political by Expert
SEC Case Against Elon Musk Called Weak and Political by Expert
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John Reed Stark, a former official with the U.S. Securities and Exchange Commission (SEC), has criticized the SEC’s lawsuit against Elon Musk, calling it weak and politically motivated. The lawsuit accuses Musk of failing to disclose his purchase of over 5% of Twitter’s shares in early 2022. Stark, who spent nearly two decades in the SEC’s Enforcement Division, described the 11-page complaint as extraordinarily weak and lacking any scheme or fraud. He suggested that the lawsuit was a last-minute attempt by outgoing SEC Chair Gary Gensler to make headlines before his departure.
