US judge orders Elon Musk to answer to regulators in X Probe

Elon Musk’s role in the social network has sparked a lot of controversy.

United States Washington:

A U.S. judge has ordered Elon Musk to comply with a subpoena to answer regulators’ questions about his purchase of Twitter stock last year.

Musk, who reportedly increased his stake in Twitter (now known as Legal filing.

“The court granted the SEC’s application to enforce the subpoena,” California judge Laurel Beeler said in a ruling released on Saturday, seen by AFP.

It added that the billionaire boss and the SEC now have a week to agree on a time and location for Musk to testify.

The SEC’s investigation involves all of Musk’s purchases of Twitter stock in 2022, as well as his statements and documents filed with market regulators, court documents said.

Musk took part in two half-day depositions with the SEC in July, and the SEC told the court it has since received “thousands of documents” raising questions it wants him to answer.

Musk’s objections to the latest testimony included accusations that the SEC was using its authority to “harass” him, the committee said in the filing.

Musk’s lawyer Alex Spiro said in response to an AFP inquiry: “The SEC has heard Mr. Musk’s testimony multiple times in this misleading investigation – and has enough.”

But according to court documents, the SEC argued that “Musk’s continued refusal to comply with the SEC’s administrative subpoenas is impeding and delaying the SEC staff’s investigation to determine whether violations of federal securities laws have occurred.” “.

Musk’s role in the social network has sparked numerous controversies and led to various legal actions from investors, former employees and companies that contract with Twitter.

For example, shareholders filed a lawsuit against Musk, accusing him of disclosing his 5% stake in Twitter too late, after a deadline set by the Securities and Exchange Commission.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)