Court orders Elon Musk to testify in the SEC’s investigation of his Twitter takeover
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In a follow-up to a In December, a tentative ruling was made.Elon Musk has been ordered by a federal court to comply with a U.S. Securities and Exchange Commission subpoena and give testimony again in the SEC’s investigation into his Twitter takeover. Reuters reports. According to the order, filed Saturday night in California, Musk and SEC have one week to decide on a date and location for his appearance, or it will be decided by the court. The order was filed Saturday night in a California court. Musk and the SEC have a week to work out a time and place for his appearance or it will be decided for them. SEC has been investigating Musk’s purchaseTwitter, now X in 2022, due to his tardiness in disclosing Twitter stake.
The order came after Musk failed in September to appear at a hearing and later Refused to attend a rescheduled appointmentThe SEC then sued. US Magistrate Judge Laurel Beeler sided with the SEC after Musk tried to challenge its subpoena, which he claims is seeking irrelevant information and is harassment, as he’s already been interviewed twice. But the SEC says that it has obtained additional documents related to the investigation and has questions for the X owner. Musk also argued that the subpoena exceeds the SEC’s authority because it was issued by a staff member appointed by the SEC’s Director of Enforcement. Beeler rejected these arguments, ruling that the subpoena was valid.
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