US regulator seeks court order to compel Elon Musk to testify about his Twitter acquisition

The US SEC has requested a court order to compel Elon Musk to testify in an investigation regarding his acquisition of Twitter and his public disclosures about the deal.

US regulator seeks court order to compel Elon Musk to testify about his Twitter acquisition

The US Securities and Exchange Commission (SEC) has filed a court order to compel Elon Musk to testify in an ongoing investigation related to his acquisition of Twitter and his public disclosures regarding the deal. The SEC alleges that Musk has blatantly refused to comply with a previous subpoena. X, the company formerly known as Twitter, has not yet commented on the matter. This latest action by the SEC is part of a long-running inquiry into whether Musk fulfilled his disclosure obligations when he purchased a significant amount of Twitter stock before acquiring the company. It also highlights the ongoing tension between Musk and the SEC regarding his public comments on various matters involving his companies. Musk began buying Twitter stock in early 2022 and announced in April of that year that he had become the company's largest shareholder. He later closed the acquisition of Twitter for $44 billion in October of the same year, following a legal battle. Since then, Musk has faced several legal challenges related to the acquisition. Musk had previously testified twice as part of the SEC's investigation in July 2022 and provided hundreds of documents to federal investigators. However, he refused to comply with a subpoena to testify again in May 2023, leading to the SEC's court filing. Musk's lawyer claimed that he had already testified twice and accused the SEC of seeking his testimony in bad faith. The lawyer also cited the release of a biography of Musk as a reason for needing more time to review potentially relevant information.