US regulators are again taking Elon Musk to court, and he’s not pleased. Musk, who has previously complained of harassment from the Securities and Exchange Commission (SEC), responded to the latest episode by saying a “comprehensive overhaul” of such agencies is “sorely needed” and that “punitive action” should be taken against those “who have abused their regulatory power for personal and political gain”.
This victimisation lark goes down well with Musk’s base, but his ire is misplaced.
Among the SEC’s complaints is that Musk, when building a position in Twitter before last year’s takeover, failed to heed laws stating that investors who accumulate more than 5 per cent of a company’s stock must disclose their position within 10 days. Does this really matter?
Well, yes. Shares soared after Musk’s Twitter position was eventually revealed; anyone who sold in the days before his belated disclosure can credibly argue they missed out on profits by selling at artificially low prices.
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Exasperated regulators are right to insist that the same rules apply to everyone – even Musk.
