Elon Musk Ordered to Testify Again in SEC Probe of Twitter Takeover

In a latest development concerning the U.S. Securities and Exchange Commission’s (SEC) ongoing investigation into Elon Musk’s $44 billion acquisition of Twitter, a federal judge has ordered the Tesla and SpaceX CEO to testify once more.

US Magistrate Judge Laurel Beeler issued the order on Saturday night, formalizing a previous tentative ruling made in December that favored the SEC’s position, reported Reuters.

The SEC filed a lawsuit against Musk in October, seeking to compel his testimony regarding the 2022 purchase of Twitter, which he subsequently rebranded as “X.” Musk had declined to participate in an interview back in September as part of the SEC’s probe, citing objections. The regulatory agency is scrutinizing whether Musk abided by legal requirements when disclosing his acquisitions of Twitter stock and if his statements regarding the transaction were potentially misleading.

Musk had vehemently opposed the SEC’s attempts to interview him, asserting that he had already undergone questioning twice and accusing the regulator of engaging in harassment tactics. However, Judge Beeler dismissed Musk’s argument, affirming the SEC’s authority to issue a subpoena seeking pertinent information related to the investigation.

Related: Elon Musk Criticizes FTC Overreach On Twitter

The court has granted both parties a week to mutually agree upon a suitable date and location for Musk’s testimony. This latest legal maneuver underscores the intensifying scrutiny surrounding Musk’s high-profile acquisition of Twitter and the ensuing regulatory ramifications.

The outcome of Musk’s testimony could have significant implications not only for the SEC’s investigation but also for Musk’s reputation as a prominent entrepreneur and business leader. With tensions running high between Musk and the SEC, the upcoming testimony promises to be a pivotal moment in this ongoing legal saga.

Musk’s acquisition of Twitter, a move that sparked widespread interest and speculation within the tech and financial sectors, continues to draw regulatory attention as authorities aim to ensure compliance with securities laws and transparency in corporate dealings.

As the deadline for Musk’s testimony draws near, all eyes will be on the outcome of this latest chapter in the unfolding drama surrounding one of the world’s most influential and controversial figures in the business world.

Source: Reuters