Neuralink Corporation may have misled the Securities and Exchange Commission (SEC) concerning the level of its co-founder Elon Musk's involvement with the company, Fortune magazine reported on Friday.
After Musk had been fined $20 million by the SEC back in 2018, Neuralink's legal team, fearing the additional impact on his other businesses, said in a letter sent to the agency that Musk "does not serve as an officer or director of Neuralink" in order to keep the company's certain share sale benefits and to stay compliant to the SEC rules.
However, anonymous former employees of the neurotechnology firm told the magazine that he actually ran the company, with Neuralink even referring to Musk in another regulatory document as "executive officer." This way of misleading the SEC could be illegal and "punishable by potential fines and even imprisonment," according to legal experts who also spoke to the publication.
