Elon Musk, CEO of Tesla and SpaceX, has been ordered by a judge to testify for the third time in the Securities and Exchange Commission’s (SEC) investigation into his acquisition of Twitter, now known as X, in 2022. The judge’s order follows previous attempts to schedule Musk’s testimony, which faced resistance from Musk and his legal team.
Legal Proceedings and Subpoena
Magistrate Judge Laurel Beeler issued the order, urging Musk, his representatives, and the SEC to agree on a date and location for Musk’s testimony within a week. The order comes after a court hearing in December where Judge Beeler indicated she would intervene if the parties failed to reach an agreement on the terms of Musk’s testimony. Musk has contested the SEC’s investigation, arguing that it lacks merit and is harassing.
Enforcement of Subpoena
Despite Musk’s objections, Judge Beeler emphasized that the court is enforcing the SEC’s subpoena and deemed the testimony not overly burdensome for Musk. The SEC had offered Musk the option to testify in Texas, where he resides. Beeler’s order highlights the court’s commitment to upholding legal processes and ensuring compliance with regulatory investigations.
SEC Investigation and New Evidence
The SEC has been conducting an investigation into events preceding Musk’s acquisition of Twitter, focusing on potential violations of federal securities laws. While no conclusions have been reached yet, the agency continues its fact-finding efforts. The SEC received thousands of new documents, including hundreds from Musk, suggesting ongoing scrutiny of the matter.
Background and Previous Testimonies
Musk’s acquisition of Twitter faced legal challenges, with the company suing him to enforce the agreement after Musk attempted to retract his bid. Musk has previously testified twice in the case. However, with the introduction of new evidence, including documents submitted by Musk, the SEC seeks further clarification through Musk’s testimony, underscoring the ongoing complexity of the investigation.
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