Sunday, February 25, 2024
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Court orders Elon Musk to testify in the SEC’s investigation of his Twitter takeover

Following a tentative ruling issued in December, a federal judge ordered Elon Musk to comply with a subpoena from the U.S. Securities and Exchange Commission (SEC) and testify again in its investigation into his acquisition of Twitter. Reuters reports. Under the order, which was filed Saturday night in a California court, Musk and the SEC now have a week to determine the time and place of his appearance or it will be decided for them. The SEC has been investigating Musk’s purchase of Twitter, now X, since 2022 over concerns about its delay in disclosing his involvement in Twitter.

The order comes after Musk failed to show up for testimony in September and then refused to attend a rescheduled interview, prompting the SEC to file a lawsuit. US Judge Laurel Beeler sided with the SEC after Musk attempted to challenge his subpoena, which he claims seeks irrelevant information and is harassment since he has already been interviewed twice. But the SEC says it has obtained new documents in connection with the investigation and has more questions for the owner of X. Musk also argued that the subpoena exceeds the SEC’s authority because it was issued by a staff member designated by the Chief Compliance Officer. of the SEC. Beeler dismissed these arguments and ruled that the subpoena is valid.

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