Elon Musk Smashes Efforts to Punish Him by SEC Over Twitter Agreement

Elon Musk has won a major victory against the SEC, as a federal judge rejected the agency's attempt to punish him for violating a court-ordered testimony. The case related to Musk's $44 billion Twitter takeover deal has taken a major turn as Judge Jacqueline Scott Corley ruled in his favor, leaving the SEC empty-handed. The judge ruled in favor of Musk. SEC has asked the court to fine Musk for his absence in the scheduled testimony on September 10, 2023. The regulatory agency argued that his absence violated the court order issued on May 31. However, Judge Jacqueline Scott Corley of the US District Court ruled that the sanctions were unnecessary. She noted that Musk testified on October 3rd and reimbursed the SEC's travel expenses up to $2,923. Furthermore, the SEC argues that only reimbursing travel expenses will not deter others from disregarding court orders, especially financially capable individuals like Musk. In his ruling, Judge Corley declared, "Because of current circumstances preventing any meaningful relief, the SEC's request is moot." This decision means no further sanctions will be applied to Musk, essentially closing the case. Musk explains his absence Musk explained his absence by stating that he was in Florida to oversee SpaceX's Polaris Dawn mission on the day of the scheduled hearing. His legal team also pointed out that he had fully complied with the court order by testifying in early October. Musk criticizes SEC After the ruling, Musk went on X (formerly Twitter) to celebrate his victory. He quoted a tweet from a X user who praised Musk for winning against the SEC.

In response, Musk humorously commented, "SEC. The middle word is definitely 'Elon's,' but I can never remember what the other two words mean." Community support for Crypto Musk's victory is celebrated by many, including Dogecoin co-founder Billy Markus, also known as Shibetoshi Nakamoto, who has supported Musk, calling SEC a "nuisance organization". This sentiment has reverberated throughout the cryptocurrency community, especially among XRP enthusiasts. Many have criticized the SEC for the ongoing lawsuit against Ripple, which began in 2020. Musk's victory is not only a personal triumph but also a blow to the credibility of the SEC, especially as the regulatory agency continues its legal battle with Ripple over the classification of XRP as a security.