Elon Musk faces challenges in the U.S., Brazil, and Chechnya

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Elon Musk suddenly has more on his plate than normal.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:03Here's what we're watching on the street today.

00:05Wall Street begins a new week hovering near fresh record highs.

00:07Investors are not only basking in the glow of a 50 basis point rate cut by the Federal

00:11Reserve, they are also optimistic about the pace of further rate eases.

00:16In other news, the Securities and Exchange Commission is readying sanctions against Elon

00:21Musk after the billionaire owner of X failed to testify before the watchdog.

00:26Musk defied a court order for his testimony in an SEC probe looking into his $44 billion

00:32purchase of the company formerly known as Twitter.

00:35The probe involves the way Musk revealed his Twitter stock purchases and if comments he

00:40made at the time were completely truthful.

00:44Musk was supposed to testify September 10th but canceled at the last minute due to what

00:48his lawyers called urgent travel tied to the SpaceX Polaris Dawn mission.

00:52But the SEC isn't buying that.

00:55SpaceX, excuse itself, smacks up gamesmanship.

00:58SpaceX had already announced that it was targeting a Tuesday morning launch two days earlier.

01:03As the company's chief technical officer, Musk surely was already aware by then that

01:08SpaceX was targeting the morning of his SEC testimony for the launch.

01:13Musk's lawyers say he will now appear in early October.

01:17But this is not Musk's only conflict.

01:20With X shut down in Brazil by the government since August, Musk has done it about face

01:25and will now begin to comply with that country's content moderation rules.

01:30And finally, a Chechen warlord is accusing Musk of remotely shutting down his Tesla Cybertruck

01:36on the battlefield between Russia and Ukraine, which he says was gifted to him by Musk.

01:42Quote, what Elon Musk did was not nice.

01:45He gives expensive gifts from the heart and then remotely switches them off, the warlord

01:49wrote on social media.

01:51No confirmation from Musk or his team on what happened with the Cybertruck, but Musk previously

01:57denied on X that he gave such a gift.

02:00That'll do it for your daily briefing from the New York Stock Exchange.

02:03I'm Conway Gittins with the street.

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