Corrupt to the End: Biden Admin Sues Elon 6 Days Before Trump Throws Them All Out on Their Ears
President Joe Biden’s administration is working diligently to make its final week a headache for us all to remember.
Biden’s latest action involves his Securities and Exchange Commission under departing chair Gary Gensler suing X owner Elon Musk.
The New York Times reported Tuesday the SEC’s filing states Musk was in violation of securities laws by buying stock in X — formerly Twitter — without filing proper notice.
The filing itself reads as follows:
“Musk failed to timely file with the SEC a beneficial ownership report disclosing his acquisition of more than five percent of the outstanding shares of Twitter’s common stock in March 2022, in violation of the federal securities laws.
“As a result, Musk was able to continue purchasing shares at artificially low prices, allowing him to underpay by at least $150 million for shares he purchased after his beneficial ownership report was due.”
The Times indicated in their report these filings are essential for investors keeping track of the market’s performance in order to be in-the-know.
This news is not blindsiding as Musk – in his usual irreverent fashion – posted a letter from his lawyer to X where the former rejected a settlement with the SEC.
Moreover, this is the third filing against him by the SEC in December.
Musk made light of the situation, poking fun at Gensler, asking, “Oh Gary, how could you do this to me?”
Oh Gary, how could you do this to me? 🥹 pic.twitter.com/OoooQI77ZS
— Elon Musk (@elonmusk) December 12, 2024
Alex Spiro, his lawyer, wrote, “Today’s action is an admission by the S.E.C. that they cannot bring an actual case, because Mr. Musk has done nothing wrong and everyone sees this sham for what it is.”
President-elect Donald Trump intends to replace Gensler with former SEC commissioner Paul Atkins. Although no one can predict the future, given Musk’s position as co-chairperson of the Department of Government Efficiency, its highly unlikely this will go much further — making it little more than a symbolic gesture.
As the Times quotes Columbia Law Professor Daniel Richman, this falls in line with a number of filings by Biden appointees who are, “on their way out.”
With Inauguration Day less than a week away, this is simply Biden and his SEC being defiant until the end.
This administration is determined to leave its mark — for worse — despite many Americans already reeling from the last four years of international conflict and inflation.
Biden has done so much damage, the best thing he could do for his legacy is remain on the sidelines and be quiet.
No thinking person would actually look at the SEC’s lawsuit as a principled takedown of Musk. Do Gensler or Biden really expect Atkins to pick up the reigns and resume their crusade against one of Trump’s closest allies?
Musk is quite literally living at Mar-a-Lago.
Biden and Gensler want to cause as much disruption as possible, ensuring this transition won’t be smooth — and that’s about as fitting of an end to this presidency as one could imagine.
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