A federal court in California is enforcing a subpoena for Elon Musk to testify before the US Securities and Exchange Commission regarding potential violations of federal securities laws in connection with his purchase of Twitter.
The court ruled the evidence gathered is relevant and material to the SEC’s investigation and the testimony required of Musk is not unduly burdensome, a court filing Friday said. The two parties were ordered to meet within one week and decide on a date and location for the testimony.
Musk had testified before the SEC twice in half-day sessions on July of 2022. But the agency, having since received “thousands of new documents” from various parties, including some authored by Musk, wants to ask him about new information. Musk’s counsel agreed with the SEC to testify last September before requesting to postpone the meeting by one day and later refusing to appear, according to Friday’s filing.
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The SEC is seeking information about Musk’s purchases of Twitter stock ahead of the company’s acquisition.
The Tesla CEO and co-founder, whose purchase of Twitter, now known as X, concluded in October of 2022, refutes the grounds for the SEC’s investigation, calling it baseless and claiming it seeks irrelevant information, court filings say.
Musk also contends the subpoena exceeds the SEC’s authority because it was issued by an SEC staffer appointed by the agency’s director of enforcement, not by an officer appointed by the president, a court or the head of a federal department. The court denied this on Friday, saying the subpoena is authorized by the Exchange Act.
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A federal court in California is enforcing a subpoena for Elon Musk to testify before the US Securities and Exchange Commission regarding potential violations of federal securities laws in connection with his purchase of Twitter.
The court ruled the evidence gathered is relevant and material to the SEC’s investigation and the testimony required of Musk is not unduly burdensome, a court filing Friday said. The two parties were ordered to meet within one week and decide on a date and location for the testimony.
Musk had testified before the SEC twice in half-day sessions on July of 2022. But the agency, having since received “thousands of new documents” from various parties, including some authored by Musk, wants to ask him about new information. Musk’s counsel agreed with the SEC to testify last September before requesting to postpone the meeting by one day and later refusing to appear, according to Friday’s filing.
We are on WhatsApp Channels. Click to join.
The SEC is seeking information about Musk’s purchases of Twitter stock ahead of the company’s acquisition.
The Tesla CEO and co-founder, whose purchase of Twitter, now known as X, concluded in October of 2022, refutes the grounds for the SEC’s investigation, calling it baseless and claiming it seeks irrelevant information, court filings say.
Musk also contends the subpoena exceeds the SEC’s authority because it was issued by an SEC staffer appointed by the agency’s director of enforcement, not by an officer appointed by the president, a court or the head of a federal department. The court denied this on Friday, saying the subpoena is authorized by the Exchange Act.
Also, read these top stories today:
The new and terrible face of war is here! Israel’s army has deployed some AI-enabled military technology in combat for the first time in Gaza, raising fears about the use of autonomous weapons in modern warfare. Know all about it here.
Looking for an iPhone with a discount? Look no further! Here is iPhone 14 Plus and it comes with a big discount. Jump right in here.
Layoffs or not? How top companies in the world are fudging what they call the fact of sacking employees. Amid a slew of job cuts, companies opt for euphemistic and vague synonyms, like “rightsizing” and “org changes.” Know what it is all about here.