Per
Reuters, Elon Musk has been ordered by a federal choose to testify as soon as once more because the Securities and Trade Fee (SEC) continues its investigation of Musk’s $44 billion acquisition of Twitter. The court docket gave Musk and the SEC one week to give you a date and site for either side to fulfill. If neither facet can comply with a date and time for the interview, the choose stated that she would hear from each events and give you a date and time for them.
The SEC sued Musk final October in an try and power the multi-billionaire to
testify concerning the buy of Twitter which he made in 2022. Musk, who famously renamed Twitter “X,” had failed to indicate up throughout a scheduled assembly with the SEC in September which was associated to the company’s probe of the transaction. Twitter was a publicly-traded firm earlier than Musk took it non-public which implies that any deep dive into the transaction by the federal government would begin with an SEC investigation. The query is whether or not Musk, in filling out the required paperwork for his buy of Twitter, adopted the letter of the regulation or included deceptive statements together with his submissions.
Twitter grew to become X final yr
Musk accused the SEC of harassment as he tried to stop the regulatory company from interviewing him once more concerning the Twitter acquisition. He complained that the SEC had already spoken with him twice. Choose Beeler stated that the SEC, in search of related data from Musk, did have the authority to subpoena him.
The SEC and Musk have battled earlier than. In 2018, Musk posted a tweet that stated, “Am contemplating taking Tesla non-public at $420. Funding secured.” The tweet led Tesla’s shares to soar 11% that day, however no deal was ever introduced. The SEC, Musk, and Tesla agreed to a settlement. Musk and Tesla paid $20 million in fines, and Musk needed to go away his put up as Tesla chairman though he retained the CEO job. The settlement additionally required that any tweet Musk despatched out with materials details about Tesla needed to be authorized by the SEC upfront.
