Elon Musk, the CEO of Tesla Inc. (NASDAQ:TSLA), recently expressed his dissatisfaction with the Securities and Exchange Commission (SEC) on Lex Fridman‘s podcast.
What Happened: On Tuesday, Musk took to X to agree with a post by @MuskBreaking that highlighted a snippet of his criticism of the SEC during a podcast interview with Fridman from November.
In the conversation, Musk shed light on the SEC’s failure to protect retail investors from hedge funds that engage in short selling and market manipulation. According to Musk, the SEC has consistently turned a blind eye to the illegal activities of these hedge funds, despite their harmful impact on individual investors.
“Not once did the SEC go after any of the hedge funds who were nonstop shorting and distorting Tesla. Not once. The hedge funds would lie flat out on TV for their own gain at the expense of retail investors,” Musk said.
Musk believes that ‘the lawyers of the SEC are not paid well’ and seek to find lucrative job opportunities at top law firms. However, this creates a conflict of interest, as these law firms often employ hedge funds as clients.
“They know if they attack the hedge funds, they ...