TECH - SEC Vs. Elon: Judge Rules Musk Must Testify Again About $44B Twitter Takeover | Benzinga
Elon Musk will testify in court again as part of the Securities and Exchange Commission’s investigation into his $44-billion takeover of Twitter.
Laurel Beeler, federal judge in San Francisco, told lawyers representing the Tesla CEO that Musk will have to endure another day in court. Musk’s legal team argued the SEC does not have the authority to issue subpoenas, a claim that was quickly rejected by Beeler.
Lawyers for the regulator argued the SEC has new documents relating to the takeover and that Musk must answer further questions.
Beeler said that the SEC has “broad investigative powers” and that no judge would “second guess” an investigation by the agency.
She told both legal teams that Musk and the SEC must agree to a date for a further day of testimony — and if not, Beeler said she’d set a date for them.
“You’ve got one more four-hour deposition, one more day of depositions to survive and it’s over,” she said. She added: “If you don’t work it out, then it’s in San Francisco in February.”