The SEC’s investigation centers on Musk’s acquisition of Twitter stock in 2022, the renaming of the company, and his related comments and filings.
Key Takeaways
- The U.S. Securities and Exchange Commission (SEC) has filed a request with a federal judge to compel billionaire Elon Musk to provide testimony regarding the SEC’s investigation into his acquisition of Twitter.
- Elon Musk’s acquisition of Twitter for $43 billion in 2022 drew significant attention and led to the SEC’s investigation into the matter.
- The SEC’s focus is on Musk’s acquisition of Twitter stock, the renaming of the company to X, and his related comments and filings.
- Musk had deferred the SEC’s request for his testimony since September.
SEC’s Request for Musk’s Testimony
The SEC has requested a federal judge to mandate Elon Musk’s testimony regarding their investigation into his acquisition of Twitter. The SEC’s probe focuses on Musk’s acquisition of Twitter stock, the renaming of the company to X, and his related comments and filings.
NEW: SEC Seeks Court Order for Elon Musk’s Testimony in Twitter Acquisition Probe
— Crypto Chiefs News (@CryptoChiefNews) November 17, 2023
Musk had deferred the SEC’s request for his testimony since September.
Legal Response from Musk
Musk and his legal team had requested the dismissal of the SEC’s demand for his testimony, alleging that he had already provided two testimonies and accusing the SEC of overstepping its authority.
The SEC countered Musk’s claim by asserting its legal right to request testimony and documents for investigative purposes and mentioned acquiring new documents relevant to the investigation.
To Conclude
In addition to the SEC probe, Musk is facing other legal challenges, including investigations into Tesla’s self-driving technology by the U.S. Department of Justice and examinations of Musk’s corporate disclosures and claims about the performance of Tesla’s electric vehicles by federal prosecutors in New York.
