Billionaire Elon Musk Calls for Overhaul of Regulatory Agencies, Including SEC
October 8, 2023 (Ludhiana, India) - Billionaire Elon Musk has called for a "comprehensive overhaul" of regulatory agencies, including the U.S. Securities and Exchange Commission (SEC). The Tesla and SpaceX CEO added that there needs to be a commission to take punitive action against individuals who abuse their regulatory power for personal and political gain.
Musk's call for an overhaul of regulatory agencies comes amid a legal battle with the SEC. The SEC is suing Musk for failing to comply with a subpoena as part of its investigation into his purchase of Twitter last year.
In a tweet, Musk wrote:
A comprehensive overhaul of [regulatory] agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain … can't wait for this to happen.
Musk has been a vocal critic of regulatory agencies in the past. He has accused the SEC of being "overzealous" and of trying to "stifle innovation."
Musk's call for an overhaul of regulatory agencies is likely to be met with mixed reactions. Some people may agree with Musk that regulatory agencies need to be reformed, while others may argue that they are necessary to protect consumers and investors.
It is unclear what specific changes Musk would like to see made to regulatory agencies. However, his call for an overhaul is likely to add fuel to the debate about the role of regulation in the economy.
A comprehensive overhaul of [regulatory] agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain … can't wait for this to happen.
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