MUSK SAYS US IS DEMANDING HE PAY PENALTY OVER DISCLOSURES OF HIS TWITTER STOCK PURCHASES

Elon Musk says the Securities and Exchange Commission wants him to pay a penalty or face charges involving what he disclosed or failed to disclose - about his purchases of Twitter stock before he bought the social media platform in 2022.

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In a letter posted by Musk on the platform now called X, his lawyer Alex Spiro tells the outgoing SEC chairman, Gary Gensler, that the commission’s demand for a monetary payment is a “misguided scheme” that won’t intimidate Musk. The letter also alleges that the commission reopened an investigation this week into Neuralink, Musk’s computer-to human brain interface company.

The SEC has not released the letter. Nor would it comment on it or confirm whether it has issued such a demand to Musk.

“It is the policy of the SEC to conduct investigations on a confidential basis to preserve the integrity of its investigative process,” an agency spokesperson said in an email.

Messages also were left seeking comment from Spiro.