Federal judge is forcing Musk to talk with the SEC again over his purchase of Twitter،
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Reuters, Elon Musk has been ordered by a federal judge to testify once again as the Securities and Exchange Commission (SEC) continues its investigation into Musk's $44 billion acquisition of Twitter. The court gave Musk and the SEC one week to set a date and location for the two sides to meet. If neither party can agree on a date and time for the interview, the judge said she will hear from both parties and set a date and time for them.
The SEC sued Musk last October in an attempt to force the multibillionaire to testify about his 2022 purchase of Twitter. Musk, who renamed Twitter “X,” failed to appear at a scheduled meeting with the SEC. in September, which was related to the agency's investigation into the transaction. Twitter was a publicly traded company before Musk took it private, meaning any in-depth government analysis of the transaction would
start with an SEC investigation. The question is whether Musk, in completing the paperwork required for his purchase of Twitter, followed the letter of the law or included misleading statements in his submissions.
Twitter became X last year
Musk accused the SEC of harassment as he tried to block the regulatory agency from questioning him again about the Twitter acquisition. He complained that the SEC had already spoken to him twice. Judge Beeler said the SEC, seeking relevant information from Musk, had the authority to subpoena him.
The SEC and Musk have fought before. In 2018, Musk posted a tweet that said, “I'm considering taking Tesla private for $420.” Financing assured. » The tweet sent Tesla shares up 11% that day, but no deal was ever announced. The SEC, Musk and Tesla have agreed to a settlement. Musk and Tesla paid $20 million in fines and Musk had to step down as chairman of Tesla although he retained the position of CEO. The settlement also required that any tweet sent by Musk containing material information about Tesla be approved in advance by the SEC.
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