A federal judge has mandated Elon Musk’s compliance with a subpoena from the U.S. Securities and Exchange Commission (SEC) regarding his significant purchases of Twitter shares, culminating in the $44 billion acquisition of the platform, now rebranded as X. The order, issued by U.S. Magistrate Judge Laurel Beeler, follows Musk’s failure to appear for a scheduled deposition last September. This decision underscores the ongoing investigation into Musk’s activities surrounding Twitter, including his stock acquisitions and disclosures to market regulators.
The SEC’s inquiry spans Musk’s transactions involving Twitter stock throughout 2022, alongside scrutinizing his communications and filings with market authorities. Despite participating in prior depositions with the SEC, Musk’s objections to the recent subpoena included allegations of harassment by the commission. However, the court upheld the SEC’s authority to issue the subpoena, emphasizing the relevance of the information sought.
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Musk’s clash with the SEC over Twitter is not an isolated incident, as it echoes past disputes between the entrepreneur and the regulatory body. From the infamous “funding secured” tweet in 2018 to subsequent legal battles, including allegations of breaching settlement provisions, tensions have persisted. This latest order compels Musk to engage with the SEC in resolving lingering questions surrounding his actions and disclosures related to the Twitter acquisition.
With the deadline looming for Musk and the SEC to negotiate a suitable time and venue for testimony, the outcome remains pivotal amid ongoing legal scrutiny and the broader implications for corporate governance and regulatory compliance.
