TECH - US Judge Orders Elon Musk's Testimony In SEC Probe Of $44B Twitter Acquisition | Benzinga
Elon Musk, the CEO of Tesla Inc., has been ordered to testify in the U.S. Securities and Exchange Commission’s (SEC) investigation into his $44 billion acquisition of X, formerly known as Twitter. The probe centers on whether Musk adhered to the law when reporting his Twitter stock purchases and if his statements about the deal were deceptive.
What Happened: A federal judge, Laurel Beeler, has mandated Musk to testify in the SEC’s inquiry into his 2022 Twitter acquisition, reported Reuters. The judge’s order, issued on Saturday, requires the SEC and Musk to agree on a date and location for the testimony within a week.
The SEC filed a lawsuit against Musk in October, seeking his testimony regarding his Twitter stock purchases and the subsequent rebranding of the platform to X. Musk refused to attend an interview in September, prompting the SEC to take legal action. Musk responded by calling for a comprehensive overhaul of the regulatory agencies.
Judge Beeler’s ruling in December, which favored the SEC, was formalized in her recent order. Musk’s argument against the SEC’s request for an interview was ...