A senior member of the U.S. warned about this. A committee member in house financial services highlighted the risk of allowing the teams of Musk access to the SEC’s confidential information. The politician warned of potential conflicts of interest, security breaches, or even larger disruptions to the financial system as a whole.
Elon Musk has not always had a friendly relationship with the SEC, which has penalized him for violations of securities regulation. Those who are criticizing it think that giving him power over the agency would let him leverage proprietary business data for his profit, favoring his own business and harming competitors.
Recent reports say that the board of Musk has already contacted the SEC to check whether they can work together. Musk joined the current administration as an advisor and initiated changes by reshaping several government departments and implementing numerous layoffs.
