Elon Musk praises the US Securities and Exchange Commission for its new policy that focuses on short position disclosure and CAT reporting of buy-to-close orders. The CEO's affirmation is amidst their battle against the regulatory agency about their legal altercations regarding the 2018 issue that revolved around Musk's tweet.
Elon Musk Praises the SEC for its New Policy
FUERSTENWALDE, GERMANY - SEPTEMBER 03: Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. Musk is currently in Germany where he met with vaccine maker CureVac on Tuesday, with which Tesla has a cooperation to build devices for producing RNA vaccines, as well as German Economy Minister Peter Altmaier yesterday.
It may not be something that the public would hear from Elon Musk regarding the SEC, but the Tesla CEO said that the company's latest rule or policy is a "good move." The new policy of the SEC focuses on short position disclosure and CAT report of buy-to-close orders, which fellow CEO Dave Lauer of Urvin Terminal mentioned earlier.
The thread made by Lauer talked about the new rule of the SEC that it imposes for the public and private companies that affect its business as it has more requirements for their transactions. The Urvin CEO said that it would fully disclose what the new rule brings to the public for their businesses in the coming weeks.
Would be a good move. Needs to include put options & synthetic shorts.
— Elon Musk (@elonmusk) February 25, 2022
SEC's New Policy Focuses on Transparency
SEC's Exchange Act of 1934 gets a new rule that would focus on the disclosure of aggregate short positions of these entities by the SEC on a per security basis. The new policy focuses on transparency to the public and would bring several information regarding what it would entail when the time comes, focusing on the business.
Elon Musk and the SEC
The Tesla CEO became controversial in the past week, and it is because of his statement made regarding the SEC and its current case that it faces. Here, Musk said that he is not backing down the legal altercation against the SEC and have been building a case that he will bring to court against the regulatory agency.
The world's top billionaire also unveiled several claims that the SEC is harassing him and Tesla over the case from 2018 and that the settlement was not yet fulfilled by the agency. The company's lawyers sent a formal complaint against the SEC to the court, and it focuses on the ongoing battle of the company against them.
Elon Musk and the SEC have a long history together, and while it is mostly against each other for both doing their jobs and fulfilling their existence, there are also agreements in between. Take for example, the recent agreement by the tech CEO about the new policy that affects businesses and their operations in the country.
Related Article: Elon Musk vs. SEC: Judge Denies Court Request by CEO, Commission to Investigate 'Insider Trading'
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Written by Isaiah Richard
