Elon Musk's twitter account and Manchester United logo are seen in this illustration taken, August 17, 2022.Elon Musk's twitter account and Manchester United logo are seen in this illustration taken, August 17, 2022.
Known for his unconventional and irreverent style, Musk has a history of moving stocks and cryptocurrencies with his tweets and has been locked in a feud with the US Securities and Exchange Commission since tweeting in 2018 that he had funding secured to take Tesla private when the SEC concluded he did not.
“This may have been a joke to some, but it will not be to the regulators,” said Jacob Frenkel, a Washington-based attorney at Dickinson Wright and a former SEC official. Since Musk is not a Manchester United executive he does not have the same legal obligations to its shareholders as he does to those of Tesla, and there is no indication that he or anyone close to him has a major financial interest in the soccer club.
All told, it is unlikely that the SEC would be able to demonstrate that he was trying to commit securities fraud, based on the available information, said several attorneys.
SABC News & Man United are a jokes.