Court orders Elon Musk to testify in the SEC’s investigation of his Twitter takeover

Court orders Elon Musk to testify in the SEC’s investigation of his Twitter takeover
By: Engadget Posted On: February 11, 2024 View: 21

In a followup to a tentative ruling made in December, a federal judge has ordered Elon Musk to comply with the U.S. Securities and Exchange Commission's (SEC) subpoena and testify again in its probe of his Twitter takeover, Reuters reports. Per the order, which was filed Saturday night in a California court, Musk and the SEC now have a week to work out a time and place for his appearance or it will be decided for them. The SEC has been investigating Musk’s purchase of Twitter, now X, since 2022 over concerns about his lateness in disclosing his stake in Twitter.

The order comes after Musk failed to appear for a testimony in September and later refused to attend a rescheduled interview, prompting the SEC to sue. 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 it has obtained new documents in relation to the probe and has further 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 struck these arguments down, ruling that the subpoena is valid.

Adblock test (Why?)

Read this on Engadget Header Banner
  Contact Us
  • Contact Form
  Follow Us
  About

Brainfind is your one-stop shop for breaking news headlines and personalized news stories. Not only are we a news aggregator and content curator, we also allow registered users to publish their own articles on our website with full credit and their social links.