US regulators are again taking Elon Musk to court, and hes not pleased. Musk, who has previously complained of harassment from the Securities and Exchange Commission (SEC), responded to the latest episode by saying a comprehensive overhaul of such agencies is sorely needed and that punitive action should be taken against those who have abused their regulatory power for personal and political gain.

This victimisation lark goes down well with Musks base, but his ire is misplaced.

Among the SECs complaints is that Musk, when building a position in Twitter before last years takeover, failed to heed laws stating that investors who accumulate more than 5 per cent of a companys stock must disclose their position within 10 days. Does this really matter?

Well, yes. Shares soared after Musks Twitter position was eventually revealed; anyone who sold in the days before his belated disclosure can credibly argue they missed out on profits by selling at artificially low prices.

[Elon Musk: The confusing, bizarre life of a risk-seeking billionaire]

[Elon Musks vision for free speech on X tested by Israel-Hamas war misinformation]

Exasperated regulators are right to insist that the same rules apply to everyone even Musk.

Originally posted here:

Elon Musk angry as he falls foul of US regulators again - The Irish Times