Elon Musk called the Securities and Exchange Commission (SEC) - Bat

Elon Musk recently criticized the US Securities and Exchange Commission (SEC), calling it a "bat".

His comments followed a ruling by the Fifth Circuit Court of Appeal that said the Securities and Exchange Commission had overstepped its bounds by approving a Nasdaq policy requiring corporate boards to adopt identity-based diversity quotas.

Judge Andrew Oldham, who authored the opinion, argued that the SEC's role is to ensure a fair and honest marketplace, not to impose political agendas on corporate governance.

Musk's post prompted reactions from Ripple CEO Brad Garlinghouse and CTO David Schwartz, who commented on the ongoing controversy surrounding the SEC. Musk's criticism comes as the US Supreme Court also rejected a request by the SEC to sanction him for failing to appear at a court-ordered witness hearing.

Aside from his position on the SEC, Musk, known for his unconventional approach, has been vocal about his plans to change how government works. Following his proposal to create the Department of Government Efficiency (DOGE), Musk aims to cut the federal budget by $2 trillion, about 30% of its current size. Part of that plan includes instituting a back-to-office mandate for state employees and potentially eliminating entire agencies.