The court has recently ruled that Elon Musk should be complying with the US Securities and Exchange Commission's (SEC) subpoena which asks the owner of Twitter (now called X) to testify in the hearings. Through this new order, Musk would have to work out the schedule and venue with the SEC for him to answer various questions and give out his testament regarding the investigation.
Despite X being sold to Elon Musk almost two years ago, the investigations are looking into the concerns about how much the executive owns and why it was disclosed late.
Elon Musk Asked to Comply to SEC's Subpoena in Twitter Probe
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Reuters reported that a federal judge now ordered Elon Musk to adhere to the SEC's subpoena of him, asking for his testimony regarding the Twitter purchase deal back in late 2022. This centers on both SEC and Musk to set up a schedule for their meeting within a week, but if unable to do so, would have the court decide the date for them.
This latest court order formalizes the tentative ruling made by US Magistrate Judge Laurel Beeler back in December 2023, favoring the SEC's request of the CEO.
In this latest testimonial request from Musk, the SEC will follow new leads regarding the purchase of the then Twitter, especially during its early days, questioning the CEO's process of filing its paperwork.
According to Engadget, Musk failed to appear to give his testimony back in September, and after being given a new schedule, also missed out and refused to have the meeting with the SEC. In this latest subpoena, the SEC claimed that they have new information related to the investigation, looking to question the billionaire again regarding this purchase.
Elon Musk and His SEC Run-ins
The many probes of the SEC and their run-ins with Elon Musk are closely followed by the technology world, centering on massive disputes against the renowned executive on various occasions. This includes the infamous "funding secured" tweet that Musk posted in 2018, prompting many to believe that Tesla is going public and had investors and shareholders launching a lawsuit against him.
However, this is not the first time for Musk, and certainly not the only one that the SEC launched against the executive in his many years in business. There was once a discovered "Project 42" which was allegedly linked to Elon Musk under Tesla, with the entire project shrouded in secrecy, revealed to be a hexagonal structure near a riverfront, supposedly a house for the CEO.
Apart from the Tesla investigations of the SEC for Elon Musk, there is also his Twitter purchase, best known for costing a whopping $44 billion for its entirety, later being rebranded to X. Now, the court and the SEC want Musk to testify about the purchase and why his shares were disclosed late, initially refused to attend the original schedule and rescheduled time.
