Elon Musk’s claims of ‘broken’ promises denied by the SEC
The Security and Exchange Commission (SEC) has responded to Tesla CEO Elon Musk’s claims that the agency has subjected him and his electric car company to “endless, unfounded investigations,” first reported by the Wall Street Journal. In a letter to Judge Alison Nathan, the SEC refutes Musk’s allegations that it’s ignoring its commitment to distribute $40 million in fine money to Tesla shareholders, which Musk and Tesla had paid as part of a 2018 settlement.
“Given the complexity of the distribution, it has taken time to develop the plan of allocation,” SEC official Steve Buchholz writes in the letter. “That process is nearing completion and, barring any unforeseen circumstances, the Distributions staff expects to submit the proposed plan of distribution for the Court’s approval by the end of March 2022.” The SEC also notes that it has complied with the court’s order that requires it to file reports regarding the status of the distribution.