Elon Musk is facing challenges in the U.S, Brazil, and Chechnya.
Transcript:
Conway Gittens: Here’s what we’re watching on TheStreet today.
Wall Street begins a new week hovering near fresh record highs. Investors are not only basking in the glow of a 50 basis point rate cut by the Federal Reserve, they are also optimistic about the pace of further rate eases.
In other news: The Securities and Exchange Commission is readying sanctions against Elon Musk after the billionaire owner of X failed to testify before the watchdog. Musk defied a court order for his testimony in an SEC probe looking into his $44 billion purchase of the company formerly known as Twitter. The probe involves the way Musk revealed his Twitter stock purchases and if comments he made at the time were completely truthful.
Musk was supposed to testify September 10th but canceled at the last minute due to what his lawyers called urgent travel tied to the SpaceX Polaris Dawn mission. But the SEC isn’t buying that. “Musk’s excuse itself smacks of gamesmanship. SpaceX had already announced that it was targeting a Tuesday morning launch two days earlier…As the company’s Chief Technical Officer, Musk surely was already aware by then that SpaceX was targeting the morning of his SEC testimony for the launch.”
Musk’s lawyers say he will now appear in early October.
But this isn’t Musk’s only conflict. With X shut down in Brazil by the government since August , Musk has done an about face and will now begin to comply with that country’s content moderation rules.
And finally, a Chechen warlord is accusing Musk of remotely shutting down his Tesla Cybertruck on the battlefield between Russia and Ukraine, which he says was gifted to him by Musk. “What Elon Musk did was not nice. He gives expensive gifts from the heart and then remotely switches them off.”
No confirmation from Musk or his team on what happened with the Cybertruck, but Musk previously denied on X that he gave such a gift.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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