SEC Investigation Orders Elon Musk to Comply in Twitter Takeover Case
Elon Musk has been ordered by a federal court to answer questions in the ongoing SEC investigation surrounding his Twitter takeover, now known as X. This Thursday, Musk is expected to participate in a critical deposition that will delve deeper into whether he delayed disclosing his significant stake in the company before fully acquiring it in 2022. The question on everyone’s mind: will he finally comply with the investigation?
Last month, Musk missed a court-ordered deposition, citing last-minute SpaceX obligations. However, the SEC investigation continues to cast doubt on the legitimacy of his reasons, as the timing of the launch was publicly known well in advance. Musk’s lawyers only notified the SEC of his inability to attend three hours before the scheduled interview. This has prompted frustration within the agency, which is now asking for sanctions should Musk fail to show up again.
The current SEC investigation seeks to determine whether Musk’s actions violated securities laws during his acquisition of Twitter. The agency is concerned that Musk waited too long to reveal his growing stake, a move that could have impacted the market. Although Musk admitted the delay was a mistake, he refused to sit for further testimony after already cooperating in two previous depositions.
The stakes are high. The SEC has already dedicated significant resources to this case, including sending three lawyers from across the country to conduct Musk’s deposition last month. Musk’s failure to attend has only intensified the SEC investigation, with the agency requesting the court to take firm action to ensure Musk complies with future orders. They argue that Musk’s behaviour thus far suggests “gamesmanship,” and they are seeking penalties should he fail to appear again.
Musk’s legal team, led by Alex Spiro, argues that Musk has already cooperated fully, providing documentation and testimony across multiple instances. They accuse the SEC of harassment and assert that Musk’s last-minute absence was due to an emergency at SpaceX. Despite these claims, the SEC remains unconvinced and continues to push for penalties to deter future non-compliance.
As Thursday’s court date looms, all eyes are on the SEC investigation and whether Musk will appear this time. The outcome could set a significant precedent for how the agency handles high-profile cases involving billionaires and their business dealings. For official details, visit the U.S. Securities and Exchange Commission website.
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