Elon Musk and his team wrote a letter to the court that officially raised a complaint against the SEC for their alleged "harassment campaign" launched against the CEO and Tesla. The letter penned by Musk's lawyer, Alex Shapiro, formally wrote the complaint that explained what incidents occurred. Musk's camp feel threatened by the SEC for their actions toward Tesla.
Elon Musk vs. SEC: Formal Complaint Launched Against Agency
SpaceX founder Elon Musk addresses the media during a press conference announcing new developments of the Crew Dragon reusable spacecraft, at SpaceX headquarters in Hawthorne, California on October 10, 2019. (Photo by Philip Pacheco / AFP)
An online document reveals that Tesla launched a formal complaint addressed to the Southern District of New York that officially brings a letter that talks about the SEC. The letter written by Alex Shapiro, lawyer of Musk and Tesla's camp, talks about how the US Securities and Exchange Commission brings a directed campaign against them.
Here, the lawyer said that the SEC is sending over subpoenas "unilaterally," despite Musk and Tesla's compliance to the court's orders.
According to Tech Crunch, Musk said that the SEC is interested in "stifling" his First Amendment rights and retaliating against the CEO for his tweets that criticize the government.
Musk: SEC has a 'Harassment Campaign' Against Them
SEC's alleged "harassment campaign" against Tesla and Elon Musk is something that affects the camp of their business and continues what needs to be done. Moreover, the letter said that it hopes that SEC would pay the shareholders what it owes and stop the harassment directed towards them.
Musk and Tesla also ask for a "course correction" for the case.
Elon Musk and the SEC
Musk has been long under the SEC's radar for his tweets and many actions that promote unsolicited promotions that bring changes in the market for a long time now. One of the most extensive SEC investigations against the Tesla and SpaceX CEO is his tweets about cryptocurrency that have contributed to spikes and drops in the market trend.
A previous lawsuit was posted against Tesla for the tweets that Elon Musk makes, and it already reached a $40 million settlement that finished the case. However, it got revisited, and it is because Tesla failed to monitor and look into Musk's social media activity. It would be another ground for a case against the company.
However, Musk and the Tesla team have the upper hand as they are launching a formal complaint addressed to the court that the SEC launched a "harassment campaign" against them.
It is unknown at this time if the camp would look into launching a lawsuit against the federal agency, making a turn in the current situation the clean energy company is in.
Related Article: Elon Musk Reminds President Joe Biden About Tesla's Achievements as an 'American-Made' Car After Announcing Venture
This article is owned by TechTimes
Written by Isaiah Richard
