Billionaire Elon Musk is continuing to make waves, and his latest move appears to be taking the U.S. Securities and Exchange Commission to the U.S. Supreme Court.
Reports indicate that Musk has signed an amicus brief that seeks to scale back the ability of the SEC to issue gag orders. Musk is no friend of the SEC, and his move may be inspired by a 2018 agreement that saw his ability to tweet limited by the SEC.
Musk has been fighting with the SEC since 2018 over his tweets related to Tesla after the SEC accused him of manipulating Tesla’s position in the stock market via his extremely influential tweets.
Government out of control
Elon Musk has already declared war on the left with his purchase of Twitter and his championing of free speech. Now he is tackling big government agencies that have gotten out of control.
The Daily Mail reported that Musk “signed a supporting petition filed by Barry Romeril, a former chief financial officer for Xerox, asking the Supreme Court to negate a 2003 deal in which he agreed to always stay silent about the fraud case against him.”
Musk wants to limit the SEC’s power through Romeril’s case, and with a conservative Supreme Court, his odds of success are probable.
Musk explained that because of the power that the SEC holds, he was “forced to concede to the SEC unlawfully. Those bastards. I was forced to admit that I lied to save Tesla’s life and that’s the only reason.”
Musk’s deal with the SEC requires that Tesla company lawyers review any tweets that Musk wants to send out.
The SEC alleged back in 2021 that Musk had violated that agreement and the legal battle has yet to reach any solid conclusion. That could all change if Romeril’s case goes to the Supreme Court, as Musk hopes it will.
Musk leading a new wave
Elon Musk is not only fighting the cultural war with his Twitter antics, but he is also breathing new life into small-government conservatism that seeks to rein in the power of the grossly bloated bureaucracy.
The SEC has long sought to bring Musk down, and the motivations for that likely come down to the threat that Musk poses to the status quo enforced by the administrative state.
No doubt Musk’s latest move will be greeted with strong support from his growing libertarian support base. While Musk’s acquisition of Twitter has captured the headlines, Musk’s war with the SEC could be just as consequential.