SEC sues Elon Musk, forcing him to testify over 2022 acquisition of Twitter (Documents)
A federal judge ordered Elon Musk to testify again in the Securities and Exchange Commission’s investigation into his $44 billion acquisition of Twitter, giving regulators and the billionaire a week to agree on a date and location for the interview. .
U.S. Magistrate Judge Laurel Beeler issued an order Saturday night formalizing her tentative ruling in December in favor of regulators.
The U.S. Securities and Exchange Commission (SEC) sued Musk in October, forcing the Tesla and SpaceX chief executive to testify as part of an investigation into his 2022 acquisition of Twitter. Twitter is a social media giant that he later renamed X. Musk declined to participate in a September interview that was part of the investigation. The U.S. Securities and Exchange Commission said it is investigating.
The agency is investigating whether Musk followed the law when he submitted documents required to buy Twitter stock and whether his statements related to the deal were misleading.
Musk declined the SEC’s request to interview him, saying the agency had done so twice and accusing regulators of harassment.
Buehler dismissed that argument. She said in her ruling that the SEC has the authority to issue subpoenas seeking relevant information.
Beeler said if the SEC and Musk can’t agree on a date and time for the interview, she will listen to both sides and make a decision for them.
The friction between Musk and the SEC began in 2018 when regulators filed a lawsuit against Musk after he tweeted that Tesla’s possible plans to take it private were “funded secure.” To resolve the case, Musk agreed to have his tweets about the electric car maker reviewed by Tesla lawyers. The U.S. Securities and Exchange Commission (SEC) sued him again in 2019, accusing him of violating that rule.
Musk has asked the U.S. Supreme Court to review the deal, saying it violates his constitutional right to free speech.
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