Elizabeth Warren Says Treasury ‘Gutted’ Shell Company Law After Elon Musk Said He’d ‘Look Into’ It

Sen. Elizabeth Warren (D-Mass.) is calling for answers after the Treasury Department rolled back key provisions of the Corporate Transparency Act, a day after Elon Musk said he would “look into” the law targeting the use of shell companies.

Shell Company Law Changes And Musk’s Role

On Monday, Warren shared a post on X highlighting the sequence of events.

“Elon Musk said he’d look into a bipartisan law to counter criminal & adversary use of U.S. shell companies. The next day, Treasury gutted it,” she wrote.

She added that a new report suggests Musk has a network of companies that could have been subject to the law.

Warren also shared an image highlighting ongoing congressional scrutiny, “Democrats Examine Elon Musk’s Role in Suspension of Business Disclosure Law.”

Lawmakers have requested information from the Treasury Department regarding Musk’s potential influence on the decision to halt enforcement of the Corporate Transparency Act.

Elizabeth Warren Targets Tesla Taxes, SpaceX Security

She shared an image showing the company had paid “$0.00” and citing a report from the Institute on Taxation and Economic Policy that said Tesla received over $1.1 billion in tax breaks.

The nonprofit noted the EV giant paid $48 million on $12.58 billion in U.S. income over three years, with some 2025 cash taxes possibly tied to prior years.

Warren and Sen. Andy Kim (D-N.J.) urged the Defense Department to review SpaceX over concerns about undisclosed Chinese investment.

The senators cited reports suggesting investors with ties to China may have used offshore entities to conceal SpaceX share purchases, warning that any level of Chinese ownership posed a national security threat to U.S. military, intelligence, and civilian infrastructure.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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