Elon Musk’s DOGE To Launch Probe Into SEC

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New DOGE X Account Asks For Ideas On Waste, Fraud And Abuse In The SEC Democrats Elevate Considerations Over Musk’s Entry To Delicate SEC Knowledge Associated Articles:

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The US Division of Authorities Effectivity (DOGE), led by billionaire Tesla and SpaceX founder Elon Musk, plans a probe into the US Securities and Alternate Fee (SEC) as a part of its mission to cut back authorities spending.

DOGE is predicted to reach on the SEC within the subsequent few days, in response to a Feb. 17 Politico report that cited two individuals briefed on the matter. “They’re on the gates,” the sources reportedly mentioned.

New DOGE X Account Asks For Ideas On Waste, Fraud And Abuse In The SEC

DOGE’s initiative to analyze the SEC comes because the division launched a newly created X account referred to as DOGE_SEC. In a submit yesterday, the group requested for the general public’s assist in “discovering and fixing waste, fraud and abuse” associated to the SEC. Anybody with insights has been requested to DM the account.

Musk himself has battled with the monetary regulator. Most not too long ago, the SEC alleged that the billionaire underpaid Twitter inventory buyers by greater than $150 million. Musk responded to the allegations on X and referred to as the SEC a “completely damaged group.”

Completely damaged group.
They spend their time on shit like this when there are such a lot of precise crimes that go unpunished.
— Elon Musk (@elonmusk) January 15, 2025

Democrats Elevate Considerations Over Musk’s Entry To Delicate SEC Knowledge

The DOGE probe into the SEC might doubtlessly give Musk entry to delicate data, which opposing Democrat lawmakers, together with Maxine Waters, have expressed considerations over.

Final week, Waters advised appearing SEC Chair Mark Uyeda in a letter that giving Musk and DOGE entry to the SEC’s programs would “jeopardize the necessary function the SEC performs in sustaining and overseeing important monetary knowledge.”

These lawmakers primarily voiced their considerations concerning the SEC’s “Consolidated Audit Path,” which is a big surveillance system the company makes use of to trace buying and selling exercise throughout the US markets.

The lawmakers warned that this technique might be Musk’s “single largest treasure trove” that he would possibly “pillage for his private achieve or vendetta,” in response to the Politico report.