Billionaire Elon Musk's latest court filing in his legal battle against the Securities and Exchange Commission (SEC) quotes rapper Eminem. The Tesla co-founder referenced the 2002 song 'Without Me.'
FOX Business' Susan Li and Constellation Research CEO Ray Wang discuss Elon Musk being chosen as Time's 2021 Person of the Year and Apple set to become the first $3 trillion company.earlier in March that they have the legal authority to subpoena Tesla and Musk, calling his challenge "frivolous."
The subpoenas, issued under seal, seek all written communications concerning the Nov. 6 tweets and whether they were shown to Tesla lawyers for pre-approval. "Courts have long recognized that ‘Congress has vested the SEC with broad authority to conduct investigations into possible violations of federal securities laws and to demand production of evidence relevant to such investigations,’" SEC attorney Melissa Armstrong said.
Musk has said he felt pressured to settle with the commission because its action "stood to jeopardize the company’s financing," saying the agency has not yet distributed the fine money to Tesla shareholders as was required.
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