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US judge orders Elon Musk to testify in SEC’s Twitter probe.

The agency is investigating whether Musk adhered to legal requirements when filing the necessary paperwork concerning his acquisition of Twitter stock.

by Jamsheera
US judge orders Elon Musk to testify in SEC's Twitter probe.

A federal judge has directed Elon Musk to testify once more in the Securities and Exchange Commission’s inquiry into his $44 billion acquisition of Twitter. The judge, Laurel Beeler, issued an order on Saturday evening, granting the SEC and Musk a week to agree on the timing and location of the testimony. The SEC initiated legal action against Musk in October to compel his testimony regarding the 2022 purchase of Twitter, which he later rebranded as X. Musk had declined to participate in a September interview related to the investigation, according to the SEC.

The agency is investigating whether Musk complied with regulations when submitting the necessary paperwork for his Twitter stock purchases, and whether his statements regarding the deal were deceptive. Musk resisted the SEC’s attempt to interview him, alleging that the regulator had already done so twice and accusing them of harassment.

Beeler dismissed Musk’s argument, affirming that the SEC had the authority to issue the subpoena for relevant information. If an agreement on the interview schedule isn’t reached between the SEC and Musk, Beeler stated she will mediate and make a decision. Tensions between Musk and the SEC originated when the regulator filed a lawsuit against him following his “funding secured” tweet in 2018 regarding a potential Tesla privatization plan. As part of settling that case, Musk consented to have a Tesla lawyer review his tweets concerning the electric vehicle company. In 2019, the SEC sued him once more, alleging a breach of this provision.

Musk has petitioned the U.S. Supreme Court to review the agreement, arguing that it infringes upon his constitutional right to free speech.

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